Welcome to BP Sierra,First, you can try to get a contract from a Realtor, if they don't hand them out you could make a really low offer on something and get a copy (lol), but that should be examined and modified for your use.

As the government looks for ways to raise revenues, it is only a matter of time before they start to re-examine "perks" we investors get to take advantage of.

Frank is right based on my research but make sure you put in your initial contract to allow your buyer(s) to enter the property, inspect or examine, holding the seller harmless of anything that could occur.

Once you pick an area that you are interested in, start examining the properties that are on the market.

Title examination, perfecting liens, assessing the book value of the collateral.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Yes, I plan to take my real estate exam in next couple of days“ more stable in Chicago than it is there “ ~~~~~~~~~~~~~~~~~~~~~~~~~~I agree more opportunities in Chicago“ Do you work with inner city real estate, and if so, do you find it difficult to unload a rehabbed/ updated property that should hold a significant value do to increase in neighborhood deterioration/ crime rates "~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Currently most people our not investing into Milwaukee inner cityMajority investors our running to Milwaukee Suburb communities

HOWEVER, you calm your nerves and manage your risk by doing the proper Due Diligence.

I'm just turned off by the prospect of having the loan go into default and then moving forward with foreclosure... though, I hear some people get into debt deals hoping for that to happen.Perhaps you can't really generalize, and must examine deal by deal...

Second, if work has not been completed and permits signed off, the buyer's stuck with finishing the project and that's worth a big chunk of the value added.Keep in mind that, just as a $10,000 car with a $3,000 dent is not worth $7,000, I would begin by really examining why this property fit my portfolio If it doesn't, I'd want make sure that I didn't get stuck with it.

But without some good luck, they won't give you success by themselves.If you want a thoughtful examination of this topic, give Malcom Gladwell's "Outliers" a read.