Education is vitally important....real estate, finances, investing, state landlord tenant codes etc.However without a steady employment income you will not likely go very far, or if you do you will have to work 10 Xs harder to achieve success.

Also vitally important is the amount of rehab the home will need.

I buy mostly 2nds and achieve loan modifications 70% of the time.  

This number is vital to knowing whether 40k is a good deal or not.

The garage modification is HOA, street pole is city/power company.Difficult, long and costly, but if money is no object; yes it can be done.

Access to money is always a vital element in REI of any kind.

Since many consumers are finding it easier to purchase goods online, it makes them want to have the various services of a real estate sale present under that one vital umbrella.

loan for $50,000 with a maturity date in one year (12/14/2016).12/16/16 - MODIFICATION AGREEMENT - MORTGAGE: This document extends the maturity date to 6/2/2017.12/16/16 - ASSIGNMENT OF LEASES AND RENTS: This is the really interesting document!

is vital.

If not, what modifications do we need to make to make it a 3rd bedroom?