And then renegotiate with a new lease.I could instead add it temporarily to the 'common/landlord' panel, but that will probably require a panel upgrade, which is going to cost more than a few hundred $$.Do you have any suggestions on how to handle it? 

I offered to pay 60k we agreed on plus all closing expenses and have my lawyer handle all titling and transfers OR i would pay him the 62k and he would be responsible for his own.

We would greatly appreciate any opinions on how other members would handle this situation.

Foreclosure proceedings start.Figuring out how you are going to handle your 5 year  balloon should be done day 1 after closing. 

hmmm. she told me that : " Novad Management Consulting is the contractor handling the home equity account on behalf of HUD"

That's a terrific handle btw.  

Commercial mortgage brokers handling transactions in the area can give you an idea of the cap rates they are using to underwrite similar properties in the market.

I'd be happy to function as broker on any acquisition you're considering, but my management is swamped right now- we have more work than we can handle as far out as we can see.

Hey Kristen,I would definitely do an in-depth ARV analysis and then have funds aside for improvements if the market can handle the forced appreciation.

I admire your willingness to try for a bigger deal (i.e. more than four units) on the first one, but just keep asking questions and exploring every aspect of the deal as much as possible, to make sure it works for you, and that you've got a handle on things.