It still was a good learning experience and made money in the long run.I wouldn't dissuade anyone from buying a HUD home, I'd just say, go in with your eyes wide open, get a good inspector / contractor maybe to walk it with you.  

The property is a Short Sale.PP-$275KARV-$410K - $430K (most recent comp sold for $457K 2 weeks ago)Estimated Rehab Cost - 60K (unable to walk the property until the offer is accepted) Holding Cost - $1200 Per Month (6 month estimated hold)Buyers Closing Cost - 3%Seller Closing Cost - 3%Realtor Commission - 5%I am looking to get the loan from a private investor and will be looking for the loan to cover purchase, rehab and holding cost.  

As it was a 2/3rd mile walk from a University.

Do my walk through/rough estimate of rehab cost3. 

I am 60 years old and cannot walk and I need to beleive in real estate knowledge and what that will do for you.  

Learn how to walk away.  

Don't ask them to go walk a house with you unless you want to pay them for the privilege. 

The seller avoids foreclosure and walks away with his credit more or less intact, his mortgage paid off, and $15k in his pocket to start a new life.3.

Guy said that he added a bicycle to his furnished rental because it was just a little too far from BART to be fairly considered "walking distance" for the white collar professionals with minimum one month leases that were the target.Guy increased his net by about $500 per month averaged out.

Generally no set penaltyIf this is an REO, your contract states the bank owes no penalty, either wait or walk, there could be title issues, or just behind.