I'm in it for the long hual but dont want to carry debt for so long. thanks.

Sorry to hear that the market is getting tough for you guys.I'm wondering if the new mortgage regulations that rolled out for first time buyers will have any effect on the process -- hopefully eliminating those in the market who don't actually have the assets to be a serious investor.

I'll dig into it more later.I'm starting to think I should start with something smaller so that my debt to income isn't toast too soon, anyway.

This leaves you with $1000/month to service debt and, hopefully, provide you a return.

I assumed he meant there was a mortgage on both lots, but the foreclosure suit erroneously had the legal description of only one lot.Ahh, if they had a lien on the other parcel they may foreclose if the debt was not paid from the house, otherwise it needs to be released.

If it will work with the 50% rule (or less if most of the utilities are separate and you plan on self managing) and a 30yr fixed @4.5% for $285K and assuming you live in the 1BR you would have $1,700 in expenses (I never reduce those just because you live in a unit, just my opinion) and $1,444 debt payment for a total of $3,144.

If you contact them as an agent, it is expected that you have Their best interest in play, which would eliminate wholesaling it for a profit, or buying it below FMV.

Using a quitclaim, grant deed or warranty deed is irrelevant, DOS is violated when title is changed from that describe on the debt instrument.

Most commercial lenders I've spoken to about financing this for someone want 20-30% down so he's not out of line to ask for a 70% LTV, especially when even after debt service the buyer will be cash flowing from day 1.Thanks everyone!

I did have to be under 40% debt/income not including rent, but cash reserves were not required.