Hello....could someone please take me step by step in purchasing & selling a REO....it is in good condition....has good equity....I have the asking price & a buyer.... will a Purchase & Sale Agreement work?

The issue/concern we have is that NIFA's website states that you are supposed to live there for the life of the loan and not rent out the property."

As the old adage goes, things in life and business are 80/20. 20% of things in your business make up 80% of your success, so focus on that 20%, not other 80% fluff.

Owner doesn't know exactly when remodeled but likely between 2009 - 2012 so is in pretty good condition.  

Keep the property in good condition but not over spend.Thanks for sharing your ideas.

Keep the property in good condition but not over spend.Thanks for sharing your ideas.

., located at ..........................Each month rent will be paid in the amount of $200, per week, starting October 5th, 2017 and ending at the termination of this lease agreement, or otherwise previously agreed upon, as stated below, including the months which have 5 pay periods.The extra pay periods will accumulate and may be applied toward the last months’ rent.It may not be misconstrued that...........................(................) is responsible for the payment of rent, and this lease agreement is between the parties stated in the third paragraph of this Lease Agreement.If an error, or stoppage, occurs in the automatic deposit, either by the Resident or her employer, it shall be paid immediately by the Resident ................and all other late payments, fees and conditions of this agreement will apply.Should the Resident wish to change the method of payment, the Owner must first be notified in writing in such a time frame that rent will be paid in full and on time according as follows:  Rent and/or other charges are to be paid at such place or method designated by the owner as follows check or money order by mail, or cash in person.

For everyone interested in understanding the Memphis, TN market conditions I suggest subscribing to the Chandler Reports Below is their report for August:"August Real Estate Update Home Sales Memphis and Shelby County home sales continued to improve through the summer.

Quality of flooring as with everything else...depends on your investment strategy (buy+hold, flip, etc), market, neighborhood, condition of competing rentals, what rental rate you're asking,...For typical rental, if you're buy and hold in a working class neighborhood, as had already been suggested, I use traffic master allure wood look alike laminate flooring.  

It feels like we are paying for the living room to be returned to pristine / new condition which isn't necessarily our responsibility.