I've yet to need to do this so the red flags are up.  

." - I found this surprising as well, but my lawyer said there were no red flags.Also regarding the contract:"The general Real Estate taxes95 shall be prorated as of the date of Closing based on \CSSgo of the most recent ascertainable full year tax bill.

You could potentially partner with someone using that skill as part of your contribution towards the project.BTW if you're interested, we're having a meeting in Red Bank on Thursday for local investors (Monmouth County).

In addition I plan to purchase multi family properties utilizing a bold hold strategy.Thanks,Watson HilaireRealtorNB Elite Realty

And I was thinking exactly that- how could red wine or some reddish vinegar not stain that?  

Driving through a red light is illegal, but that doesn't make driving illegal.

Hey Leon,I read your post and one red flag I read was when you wrote, "The deal is a single family detached, the repair should be and going by what my agent as told me 30 - 40k and the property is going for about 130k less then market value or ARV."

It doesn't matter if you are young or old, totally new or need to build upon your experience.Yes, you have just announced a commitment to the thousands in this community about your seriousness regarding REI and have taken this bold step to affirm it.Your time on this site and with the BiggerPockets community will be well spent and can be financially rewarding if you so desire.You are here at the Forum, but, should raise your mouse to the top and explore the otherheadings displayed.Don't get overwhelmed by the massive amount of data archived on this site.Simply, bone up on the areas that you need to expand knowledge in such as, Forums,Marketplace, Learn, Network, Analyze, Resources.Feast on the Podcasts, #askbp Podcasts, blogs, webinars and the myriad of bookrecommendations.Also, you can review the quick links below to help solidify your grip on this site. http://www.biggerpockets.com/starthere Setting up Keyword Alerts How to Use @Mentions on BiggerPockets 25 Tips for Real Estate SuccessAfter becoming more knowledgeable and confident because of my above suggestions,take action to snag your first real estate investment deal if new or add to yourexisting holdings if you have prior experience.Don't get caught up in analysis paralysis.You must immerse yourself in the RE marketplace locally in your neighborhood or afar if the situation warrants it.Take calculated risks if needed and you shall be rewarded!"

you have to ask yourself why would a seller in todays RED HOT multifamily market hand you a building with zero skin in the game and a huge mortgage. i have seen these happen here in the bay area on occasion and its almost ALWAYS for tax reasons. they dont want the huge CAP gains hit so they will finance over 10-15 year terms.

When you use the term like "flipping" it generally puts a red flag on the exchange.