Please - if I am completely wrong - someone set me straight!

I have considered starting out by buying and holding single family homes because that sounds the most traditional and straight forward.

OK, so let me get this straight, it's OK to walk on the loan if the property value significantly decreases?

If you're buying it for $35K straight off the MLS, and it needs no work, I can pretty much guarantee you its worth a lot closer to $35K than $70K.

Its pretty straight forward.

I think some anticipation and planning ahead will be key here...I am dreading talking to her again, but thank you for your straight forward advice!

I purchased the property and ran it as a straight auction with the highest bidder getting the property.

My last question that was not answered was if the OP had a real estate license sine they were going to hold open houses, show the property, lease it, etc.Not saying it was not ligit, but seemed very questionable as we had a hard time getting facts and never got a straight answer.

Might just shoot straight and say we need to sell this.

Bryan,I have read your points and I certainly don't agree with them.No WHINING here I just set some things straight in my post on issues that people were mis-informed on.If you believe brokers/agents have no to little value because of the internet then you will find discounters for your business.That's fine you want to operate that way.There is plenty of free trade in the market.There are companies that will list your property for 500 bucks.Just picked up that expired listing and sold it.Assist-to sell,C-21 click-it,etc. is all the same stuff.Many buyers brokers/agents AVOID these listings because the companies offer limited service.Then your left dealing with a seller where you could have implied fiduciary duty which can be a legal mess because the listing company is non-responsive.Brokers and agents that are licensed are trained in contracts and held to a higher standard than investors.I read all of your posts in this discussion and to me those were ramblings of all the reasons brokers/agents are overpaid etc.I hear and understand Vikram's point of view and also do not agree with it.There are agents in my market that list for say 2 percent or 1.5 when the investor gives them many properties to sell.That is a choice they make.I turn listings down all the time as there are certain people you don't want to work with.I just think this is a dead topic.You will have many investors say brokers/agents are overpaid and you will have very few brokers/agents agree with that statement.It all depends on the side of the fence you are on.Everyone has a different perspective when it benefits them and their interests.