I've got a friend back home who has their Real Estate License and has expressed interest in teaming up with me to work a deal.Asking Price: $117,000Offer Price: $75,000Rehab Costs: $25,000ARV: $140,000I did a little simple analysis on a potential flip property.

[Hence the expression: You make your money when you buy , not when you sell!]

But I want to express my truth feelings and my truth opinion here BP, to protect myself, I use fake name.

Before today is out, just let that Agent know that you will not be proceeding with your previously expressed interest.

I actually expressed to them the need to exempt Mom and Pop Landlords (4 unit and below) and rental owners due to the onerous nature.

Once the conversation starts, you will slow try to get a feel for the conversation and try to hint to him that maybe you are interested in starting your real estate career with your parents current rental and see if he would like to part with it. if he express some interest, then that is where the negotiation start, however if he doesn't express any interest in selling this house to you, ask if he has other properties that he wants to sell off.

David, auctions are typically as-is where-is with no warranties either express or implied. 

Several posters have expressed concern over the builder "running out of money". 

It has been so enjoyable to hear from people on the site that have expressed words of gratitude and connected with me on BP, Linkedin or through my new podcast.

They all expressed willingness to sign a contract.