I will select the note, the IRA acquires it and I manage various vendors towards a final resolution where the IRA either sells the now re-performing note or the property upon foreclosure.

It's a fine line to tread and cautious waters for a broker/agent.Each state has their own terminology on things so just make sure you understand if you are a client or a customer before negotiating a contract and purchasing something.No legal advice.

(asset depletion, pledging collateral, cross collateralization, stated income, 12 month bank statements no tax returns, etc etc)I recommend my clients project their business plans out 2 years so they can claim just enough income to qualify for what they intend to acquire and not more depending on a fine balance between income display and tax strategy.

Get the numbers, make an offer, negotiate the deal, get a final contract.

Hi Carlos, I would recommend having a great attorney who specializes in RE look over the contract with a fine tooth comb especially if the seller is an experienced investor.

ANY misrepresentation made in obtaining a loan from any insured institution including Fannie Mae carries a fine up to $1,000,000 and/or 30 years.

@Dion DePaoliWould you recommend a "subject to" appraisal as well as a final appraisal after all repairs are done?

It's kind of a fun and unique way to make a living, and I'm particularly looking forward to getting these two other properties since I'm a home inspector and will enjoy going through ten properties with a fine-toothed comb.

A buyer could do a final walk through Monday morning to confirm the property is still in the same condition as when it was purchased.

She is inexperienced with investment properties, but I nonetheless chose to trust her over trusting someone of whom I no prior knowledge.For these reasons, I will continue to buy in Springfield until:1) the market of viable multi-families is tapped out (which shouldn't take long), or2) I learn enough to feel confident investing in other markets with the help of other professionals.I am very interested in hearing what advice you have to offer to a noob in my situation, getting recommendations of quality turn-key services providers in other markets, and in connecting with other people who can help me in Illinois (a finance person comes to mind first).Thanks, BP!