You need keys to the building, contact information for each tenant, copies of leases/rental agreements, rent roll showing how current they are.

Ed Lee@ed leeI got it done very reasonably because of an arrangement with my contractorbut what was purchased was about 60.00 worth of pvc fittings and pipe you need a drain pipe and supply linesyou need the washer dryer hookup boxesand a roll of electrical wire that handles 220 currentwe had to get 2 30 amp breakers one for each unitand dry wall and mud to repair what we ripped outand finally vent tubing I cant say exactly what all this cost but somewhere in the neighborhood of 350 but remember I was doing two units the labor was priced at 160 a day and it took three days to complete.so just under 900 to do both units

Also, it's all dependent on getting audited -so if you wanna roll the dice, that's on you.

I am ignorant on All Cash's assessment of special interest groups causing it, but I would have to agree that higher end and commercial property is undervalued on the tax rolls and therefore undertaxed in Texas.There is no conveyance tax in Texas, and the purchase price is not reported unless the sale was through the MLS or if you report it to the actual taxing district (they request it in my area but it is not mandatory to provide any information to them).John, knowing what someone owes on a property is a tremendous negotiating advantage.

Is there a % that you look for from the purchase price to decide.Thanks :D :roll:

Financing the closing costs is a simple fix---ask your lender to provide you with a "no cost" loan (a no cost loan is when the closing costs are rolled into either the loan amount and/or interest rate and the lender essentially foots the bill at the expense of either a higher loan amount and/or higher interest rate).

If someone was to leave a company with a 401K program the funds in the 401K can be rolled into an IRA.At the same time it might be best not to use those funds until you are pretty experienced.

Basically they purchase a home or property that is far behind in taxes, then they let it go to a sale rolling the dice that it will bring more at the sale then what is owed on it.

Correct me if I'm wrong, but i believe you can sell and roll your profits tax free into a more expensive property only after 1 yr.In Oct it will be 1 year.

There are loans that serve the purpose you seek in conventional, hard money and ARV based versions that would allow you to roll in the cost of purchase + rehab + closing costs (and in some cases, monthly payments) with as little as 10% down (the ARV loan would be an exception to this guidance).You haven't shared enough info about the property, tenancy, cash flow, etc. to determine what direction you should take, but you might want to review your financing options before using your home equity for the down payment (you are going to need cash reserves to find rehab in lieu of reimbursement).