Granted, those are lower income or Section 8 units so they are a bit higher.Have you visited the property to see the block?

Just my two cents... especially since you can just re-use your VA loan when you move (granted you haven't spent your limit on it).

And if that's possible, how is the loan secured - because I wouldn't want it backed by the note if I'm the one paying for the mortgage and they're only funding the repairs.

They can pay the rent and security deposit before the beginning of the month and move in anytime that is convenient for them.

I've heard about Goldman Sachs and other large institutions buying thousands of loans and holding on to them (punishment for the its role in packaging and selling toxic mortgage-backed securities in the housing meltdown).

It depends primarily on what price you are willing to pay for physiological security.

Property Location: Moss Point, MIssissippi32 unit complex4 buildings sits on 2 acres and all units are on the ground floorAll 1x1 units (Market Rent: $500/mo) 60% Occupied ( most occupants are long term social security recipients ) Per the seller (seller from out of state) all vacant units just need cosmetic rehab to be market readyPotential Gross monthly income: $16000 ( all units rented and are paying market rate) Current Total Gross Income: $7400 ( due to vacancy and residents paying BMR) Current Monthly Expenses: $1941Monthly Note Payment: $3419.43Asking Price: $660,000Seller Finance Term: - Seller wants to be cashed out for the amount left over of the loan balance ($295,000).

He would be secured by a second position.

The notice will contain information on the security interest being foreclosed as well as terms applicable to all bidders such as deposits and time to close.

@Grant Rothenburger,Thank you for the encouragement.