I have yet to purchase a place.And at the moment, I'm an engineer (... or slave) to an aerospace company and would like to supplement my income with investment property.Perhaps one day, with due diligence, 100% of my efforts will benefit me (by allowing me to leave engineering), instead of pulling the line for the slackers and monkeys at my company.

As he never plans to sell he will not benefit from a seller's market other than through refinancing (seller's market tends to me rising values).John Corey

I see the benefit of this site but I don't want to do something inappropriate.Martha, Denver, CO, real estate investor

It would likely benefit you and the group if you could update your profile.

Either directly, such as sending letters to people who've had a notice of default filed against them, or indirectly with "we buy houses" signs.

Or some form of legal corp are there benefits, taxes etc....Is it better to just remortgage my home for a down payment and get the rental?

You have three choices.S, C and LLC.It will depend on the business, the assets, if there are employees, what employee benefits you want to set up and the administration.I agree with the advice to consult a professional.

Heres an idea if you know anyone outside the states let them know about biggerpockets so they can benefit from all the knowledge being passed around!

Either directly, by lowering rents to fill units, or indirectly by "one month free" deals.So, take the $600/unit.

thank you both for your wise words, well anyway i guess i'm just so anxious to do my first deal. especially a deal like this were the homeowner is in distress and states to you how much equity is in the property (i know i'm a beginner, but i don't see how he'll benefit by lieing to me about the amount of equity in the property, because he already stated he doesn't want to sell the property, and i already stated to him i'm gonna view the property/mortgage paperwork)well anyway i must say i agree with you both, from first look it seems the best way to do this deal (thats if all the number are right) will be to purchase the house for the amount left on the mortgage, and give them moving cash and etc (this way i'll have alot of instant equity within the property, which i could either wholesale to another investor or put it on the market at a small discount and sell it retail because of the properties perfect condition, then i could even try a short sale to build up more equity to make the two above tactics more profitable for me)now the only tactic i can think of that would work, were they will get to stay in there house and will be profitable/beneficial to me as well is to then purchase the property real cheap (whats owed on it) and offer to lease option it back to them at a higher interest rate and at a higher property price, but i think this tactic will be risky with this individual because of his credit and the nature of work he's in (construction were some parts of the year your without work and tring to collect unemployment) so this is what i plan on doing, i first plan on putting together a list of questions i must get answers to at the tuesdays meeting i plan on having with them, then i plan on explaining the whole foreclosure process to them and the uphill battle they face (which i hope will change their position about not wanting to sell their house under any cumstances), then i plan on making a smooth exit and letting them know i'll be back in contact with them to let them know what i think their best solution is to solve their problem (this tactice is to buy time, so i can really cruch the numbers and speak with others to really figure out the best win-win for everyone, thats if their is a deal their)if anyone has any other suggestions please let me know