If I may offer one heads up, some states require you store the personal property for a certain number of days, generally 30.

I don't have any experience in real estate except for head knowledge from books.

Sold comps on a 2/2 in the same complex from August of 2012 (ugh) sold at $115K which would make the target property around $108 a sq ft (but it has only one bath and I don't know how to account for that in the comp - what is the "value" of a bathroom).I've stayed away from really looking at condos because of the HOA/condo fee involved and being subjected to the whims of the condo association, but I don't know if I should do that or not -- am I blowing opportunities by doing that.

We all know you don't yet have it under contract, hence the need for this thread.But Braden C. hit it on the head imo.

Tom hit the nail on the head.

There's no reason that you should have to eat the fees associated with tenant screening.

To show the conversion to a rental you would need to have removed all personal possessions, advertised it for rent and no longer have personal use associated with it-i.e. is personal mail still received there or has a change of address for the owner been made?

what are the risks associated with it?

A lot of people also suggest wholesaling as a way to build up cash reserves to move on to other endeavors ... or maybe you wind up liking wholesaling as a business model and stay with that.Good luck w/whatever direction you head!

You can google "indiana real estate purchase agreement" you'll find pages that come up with some, below is one off of a local realtors association website.http://www.sira.org/PDF-Forms/SIRA%20Sales%20Forms%202009/Purchase%20Agreement_08042011.pdfIf you are going after REOs then you would submit your purchase agreement to the realtor that is listing the property and they will forward it to the bank just like with a traditional MLS seller.