I was thinking that $3,000 per month would be sufficient to pay for rent, utilities and food?

My question is, what is my next-best move in working out something with the mortgage holder?

Learn how to evaluate values, both current and exit values, as well as how to evaluate rehab expenses (for flip purchases) and/or cash flow (real cash flow - for buy and holders).

Hey -I know you are also from India. do you know the rule "KISS " --Keep it simple stupid-- not joking --if it is a first deal for you --let it go -do not get too complicated --and waste time--unless there is lot of equity and have good attorney to help you--IF you have cash --BUY the second and third liens at discount --OR if you say first is only 1/10 of 2nd and 3rd combine -then approach first lien holder and pay full price-- stop the auction -- gets more complicated --oops --sorry -- champak

I'll keep them in mind (Food for thought.)Thanks again !

Do not own any property currently.I might be buying a franchise restaurant that cash flows 60,000 a year after expenses.I can pick up for about 65,000 with 30k down and 35k owner finance at 5% with a 2 year balloon.Buildouts when these were new are from 200,000 to 310,000.There is absolutely money to be made in the restaurant business.I have over 10 years in the business from managing to owning before getting into real estate.The key is to have a national franchise to have fixed contracts to have controlled food costs from suppliers regardless of food prices.

Today I was there with the mold specialist and we found food remnants and some drug paraphernalia.House is owned by a mega-bank and my agent is trying to get in touch w/ asset manager/listing agent to have them call the police, etc...This house is a good deal & I don't want to back out just because of this.

Traditional war and fighting are necessary components to us killing bad guys and maintaining our place atop the food chain.

OK, new buy-and-holders, here's what I've found out on investment property limits for largest US lenders.

Is this how it owrks, that all JUNIOR lien holders get completely wiped out and you own a property free and clear for 5k?