You need to layout out the schedule expectations in the contract, as well as penalties for missing schedules (you don't actually have to enforce the penalties, but they should be in there as a deterrent).If you have a contractual schedule and the contractor isn't performing to the contract, fire him.

Basically, I'm seeking advice as normally I'd jump at the chance to own a duplex for no money down but the fact that the home is underwater sort of worries me.

That's to account for taxes and penalties if you have to take the money.

I am seeking advise on how do you create your buyer's list?

Since you'll likely be seeking financing at some point, some things to work on WHILE you're learning are:1.

With regard to lease options you need to seek out sellers that need debt relief.

Some will have prepayment penalties if you pay them off a month later.

Christopher GieseAny actual contributions you made to your Roth IRA can be withdrawn without penalty or tax.

If you seek immediate success without full consideration of all the possibilities, as Bill stated, you can get hammered.I very much agree with Bill that it is very wise to seek knowledge and experience beyond books and other forms of media.I also agree with Bill that you should be fully prepared before making a commitment.

Therefore, find a good tenant who is willing to be honorable.To help make future decisions more automatic and easier, you may want to consider adding some of the payment terms contained in my lease agreements: (check your local laws for any conflicts and seek legal advice from an attorney before altering a legal agreement)PAYMENT TERMS (TIME IS OF THE ESSENCE)a)The DEPOSIT in the amount of [[$Deposit]] IS DUE ON OR BEFORE [[Deposit Due Date]].