The home buying process typically follows these key steps:Assess Your Finances: Review your credit score, savings, and determine how much you can afford for a down payment and monthly mortgage payments.Get Pre-Approved for a Loan: Work with a lender to get pre-approved, which gives you a clear budget and shows sellers you’re a serious buyer.Find a Real Estate Agent: Partner with an experienced agent who knows the local market and can guide you through the process.Search for Homes: Browse listings and visit properties that fit your criteria (location, size, price, etc.).Make an Offer: When you find a home you like, submit an offer through your agent, including contingencies (financing, inspections, etc.).Home Inspection & Appraisal: Once the offer is accepted, hire an inspector to ensure the home’s condition and the lender will order an appraisal to verify the property’s value.Secure Financing: Finalize your mortgage by submitting required documents and ensuring the lender clears you for closing.Closing: Sign the final paperwork, pay closing costs, and receive the keys to your new home!

In these states I assume that just like a standard foreclosure, all funds acquired during the sale that exceed the outstanding contract balance and any liens on the house go to the contract buyer (vendee?)

Greetings BP, as a new investor, I would like to share my doubts and receive your suggestions in the process of deciding where to make my first investment.

However if you've lived in your first one for a year, you're not likely to run into any problems.

I like working with others and have not found anyone who is serious and wants to work together based on a written agreement. 

You are not alone...this sounds like a story we hear every other week in Chicago. 

I don't want to sound like this is my first time doing this when I ask.3.

In this situation, it seems more like you're doing a live-in flip rather than a BRRRR strategy.

I would be happy to chat further if you would like. 

Is it just occupied by the room, or are you looking to build out anywhere like Padsplit?