I'm not as familiar with the west side of I75/85 as I am in my SE corner of IP, but I keep inching out.

This way, that $150k should have an unlimited lifespan.I can give you a current example here using the market I know here in SE Michigan.Rental Profile:  3 Bed/1.5 Bath; 100 sf ranch:  Bank PropertyCF (w/PM & refi) = $325/month;     Cost all cash = $ 50,000 (w/rehab);      ARV = $72,000Steps - 1 - Buy/Rehab property2 - Place tenant & refi within 2 months at 70% ARV = $ 50,400 (fees are less than $400)3 - Use refi cash to repeat on next house, and so on and so on, and so on, and...4 - Each repeated use of funds (the same funds) = a rental left behind @ $400/month5 - With $150k, you could be doing this 3 at a time, so your $150k could be = $1500/month per use.6 - 3 uses per year generates $4500/month/year, and...7 - You keep going.8 - Another great part is if you look closely, you are never actually spending your $150k since you keep getting it back after every refi.  

Isn't the escrow officer s u p p o s e d to forward this info to me?...

I dislike Tennessee and North Carolina less, but wonder if they won't have more muted risks a step removed from those brewing in Texas and Florida.Nearly all of the 1.6M units under construction are in the south and west (sunbelt and SE).

I have experience in eastern european real estate (lived or worked with partners from countries like Russia, Ukraine, Romania, Moldova, etc), came last year to DC and seing the market here, figured that there is an opportunity and decided to start my own business, but guess what, here a lot of real estate related things are different and I don't know where to really start.

Including or excluding contingencies in your contract does not change the value, per se, and doesn't necessarily mean you will pay more or less.

I'm not looking for a job per se.

Yeah...discussing a (G)SE means that the G has to be discussed.I keep seeing posts and discussion about us turning into a two class society if people are forced to be responsible and save money to put down on a house.

You said he called from his attorney's office so he obviously was not going to obtain a pro se ML.

From what you wrote the interest rate(s), interest only payments & balloon(s) do not appear to be in conflict with legal or usury standards at the time nor illegal per se.