@Roger Heiser There is a really good guide to read that discusses HUD pricing:Buying a HUD Home: The Ultimate Investor’s Guide to Getting a Great Deal on a HUD HomeThe article states:HUD gives guidelines for the asset management companies to go by when accepting bids.

If you are ultimately going to get the property then delaying only dives your costs up.

Great time/area to get started.Check out the Start Here page http://www.biggerpockets.com/starthereCheck out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

I listen to podcasts to and from work and browse around the forums after the kiddos go to sleep.My ultimate goal is to get into developing properties or spec homes, while maintaining rental properties that cashflow.

Here's a good place to start: Ultimate Beginner's Guide

Given the issue with the leases, I'd try a walk away close and explain to the seller how, besides $75k off asking price, they can address the gap in rent.On the leases surviving foreclosure, I'm skeptical they survive.

Glad to be BACK - life happens and distractions don't stop BUT, I'm finally going to take back control of MY LIFE with God [of course for me at least] and the great people of this Biggerpockets family.Looking to get my FIRST wholesale deal within 3 months and network with others from my local area [NYC, Westchester & Long Island] My ultimate desire is to own a student housing property.Thanks for reading!

Since your just getting started we recommend that you start by reading the Bigger Pockets Ultimate Beginner's Guide to Real Estate Investing .

@Will SandersWelcome.Check out the Start Here page http://www.biggerpockets.com/starthereCheck out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

Beautiful family build the legacy.Check out the Start Here page http://www.biggerpockets.com/starthereCheck out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.