I value everyone's opinion and use it wisely... now my playful response...

Other wise its a LONG reach to get stuff back in the corner.

Well worth the wait plus I had an immense knowledge source from the other local investors at my disposal.Use that hunger wisely young grasshopper and you shall reap the rewards.

Anyway I did speak to the owner, and the after going over the expenses it seems that there is no cash flow at all, though he was trying to tell me other wise, and kept saying things were picking up etc.So, that def was a no go, thanks for all your help :)

I know prices vary all over the board, but I was wondering how much flex do bank REO's have price wise typically?

Sorry, but you're being penny wise and pound foolish by avoiding a CPA.

You mention property taxes, so please remember in California it doesn't matter what the taxes are, but what they're going to be, Upon transfer of title there is going to an adjustment from the old prop 13 rate to the current rate.As for out of state investing from California it would be wise to remember that we are thought of stupid people with more money then brains who will buy at top dollar or more because we base our decisions on the relative price differences.I was in the Midwest awhile ago in a place where anybody with $10 and a normal range IQ and a little knowledge should be able to make good money.

Would it be a wise idea to make an offer like 215,000 subject to inspection then if it needs a new roof or something try to weezle some more in?

That's because banks are now wise to the "buy a new house, let the old one foreclose" trick.

Also if you plan on using a second FHA to purchase your single family home, then there wouldn't be any equity for you to take a credit line out against that home.As far as which is better the duplex or the quad, I would probably say in this case the duplex is the safer bet (assuming the two deals are equally good numbers wise).