Hi Arthr - I just did some major renovations to an upper flat and rented it out.I did not show the before pictures.

Disadvantage, it will be my first home that I OWN..The meat - 3 family - 2462 SF - Purchase price $300,000 (in discussion w/owner)Unit 1- 3bdrm plus art gallery - $1400/MoUnit 2 - 2bd - $1100/MoUnit 3 - 1bd - $900/MoTotal (conservative rents) = $3400/MoProperty is recently vacant, in decent shape (out-dated) nothing major needed ASAP, I would look to do minor cosmetic upgrades to be a "higher standard" rental unit at competitive market rate.2nd Property - Single Family 3,000 SF 5 bdrms - 2 kitchens (possible multi conversion) - Purchase Price $280,000 (in discussion w/owner)Quiet Dead end street in nice neighborhood, large backyard w/greenhouse-ARV - $425-$450,000Assessed $440,000..Initial walk through property needs new roof, and may have mold issue.

Major state battle over what to do with all of our extra money!

I have seen notes called because of a sub-2 transaction but even that is very rare and again, that was just the trigger getting the lender's attention but was not the major reason they called the note.

I'd bet the majority of people here still have a full time job.

I have a bank account, with the major bank in my area (PR) that I use just for rent deposits.

Was hoping to pick up a foreclosed property that could use a little work and hopefully save some $ (I am a bit of a handyman) as a primary residence and then hopefully look at another property a little while later (6-12 months) as an investment or turn the initial purchase into a rental at that same time frame.I called the REO/foreclosure departments of a couple different major banks and they said that ALL of these types of properties can only be purchased from the realtors.Is this true?

Hopefully the condo association has a good reserve so that if there are major repairs needed, they will not have to issue a huge special assessment on each unit to recover the cost.

Some major repair is needed is my guess. 50% off is a huge difference.

It seems like a major rookie mistake to list the house before the POS inspection is done--if it comes back requiring the buyer to put up any more than a nominal amount, it has a very high likelihood of killing the deal, as the POS escrow can't be financed.