Interests include skiing, everything motorcycles, sports cars, photography and travel.

Family, sports, eating, knitting?

This is a heck of a gamble.

For $50 a month, you are really taking a gamble on not getting the 3 showers a day tenant like @Colleen F. talks about.

Unfortunately you just have to pay it or walk away from the idea of getting clear title as you have no grounds to stand on in these situations as you ARE subject to the first mortgage at the least.It is a legal form of gambling and not for those that aren't prepared to lose everything they spend on these deals. 

Its a gamble but my thinking is I need to get the property for the lowest possible price and I never want the seller to accept my first offer because that tells me I offered too  much.   

As a RE seller and I sell a lot of property each year that we own well over 70 properties and almost all the pre approval letters come in right at the max they can borrow IE they get approved for 400k they don't shop for a 250k house they go right to the max.For the Rich and famous I have bought those as well  ( well at least sports stars) and I will mention one by name since he is deceased..

This deal sounds too good to be true.You might be thinking "$500 isn't that much money, maybe worth the gamble".  

We are in the process of getting our first two rental properties (using OPM) out in PA where we both went to school and played sports (Lafayette and Lehigh.

The reasons that property is purchased, ranges from commuter appeal, recreation, retirement, investment, sports (fishing, hunting, skiing, golf, etc.)