You are getting into a low ball offer range when your offer is less than that norm.What the system may not show are average % of asking prices obtained in different price levels.

You need the ability to exit this type of transaction quickly, buy it, refinance it or sell it to obtain cash to pay off that underlying lender.Otherwise, yes, the Operating Agreement can make sufficient provisions for you to lease, manage and profit as well as to "buy in" based on principal reduction or other agreements.I applaud your strategy but this is not a DIY document, see an attorney!

The redemption periods can be a matter of months or as much as 5 years.Many times, investors will pay the taxes, never expecting to obtain the properties.

src=/program_offices/housing/sfh/fharesourcectrYou can only obtain an FHA loan as an owner-occupant, so if you are looking at an investment property, it is my understanding that you would be required to live in one unit of any 1-4 unit building you purchase with an FHA loan.

Also John If you're a vet you may be eligible for the mortgage credit certificate program that will give you a 20% tax credit on all mortgage interest you pay.

I am obtaining financing for the property.I have all of my paperwork in order and have been pre-approved through my bank.

My goal is to obtain 5 houses all free and clear, cash flow $500 per month after insurance and taxes.

I have already completed the education portion to obtain my Ohio real estate license.

Also, if it is your primary residence, you might still be able to obtain conventional financing.

I'm also in the process of obtaining my real estate license for use in my own personal investments.