In short, I have a mentor who is basically going to help me find a great deal where my rehab/cost of property will be below 50%.

I understand the process fairly well generally Peter but I'm new to this too. you basically just sign a sales agreement with the buyer and after your signtaure you write "or assigns." this allows you to "assign" the property to another buyer.

The tenants I want expect basic conveniences on site.

The TV and guru seminars will tell you that it is easy to amass millions without putting any of your money into deals.Times have changed obviously.

Basically, they charge you to find tenants a cost equal to 1/2 of the rent charged for the unit.

You should be able to look at the loacal MLS on line, the REOs are listed and will show up there.The ONLY WAY you get to a PRE-FORECLOSURE is by working with the homeowner, and the HO and the lender, NEVER through the lender alone, the lender has no say in a deal unless it is a short sale and then, basically only to the extent of an acceptable amount paid to the loan, with conditions.And anyone who tells you that you don't need to understand your market area, just sit there and buy and I'll do the work, is someone, IMO, you should not just walk away from, but run from!

This is a magic bullet in disguise.Those are some of the basics of advertising and finding the opportunities to buy real estate below market.

Here's the basic rundown on a potential deal.Couple getting a divorce, husband is drinking/drugging and neither of them are in the house.

These are just basics so to build a foundation. johnmichael: Let me start off with a little introduction, I have been in the business of real estate investing for 20 plus years Using Sub 2, Land Trust, Lease Option, Owner Finance, 1031 exchange, No money down, Using investor funds for purchase and the list goes on.johnmichael: I enjoy working with pre foreclosure homeowners!

But when questioned about the basics; neighborhood comps, ARV, FMV, key points of Deed Of Trust, difference between a Special and General Warranty Deed, etc, etc, they didn't have a clue.