If the gummint wants to eliminate the profit motive, they are sure doing it.

Also, in most states a deed in lieu is considered full payment of the outstanding debt, in Texas it must be stated, but in any state, it is always best to state on the Quit Claim Deed that...This deed is given for the full satisfaction of debt....

I will say that I see what I perceive to be much higher profits made in buying bad debt and that is what I need to really study next.

Also, the unit is carpeted so I would imagine the carpets are saturated with it.If I buy the place and rip out all the carpeting, clean the walls and ceiling and completely re-paint, will this eliminate all traces of the smoke?

Forclosure simply doesn't exists, since there was only 9 forclosure last year....A simple, basic SFR is over 2,000,000 USD and a good property in a good location is over 10,000,000 USD so It's completly out of reach for me and I'm looking at condos.For condos, the median price is 10000 CHF per square meter, to translate it's 1000 USD per sq ft and it's a median price, condos near the lake or in the city center are two or tree times more expensive.With theses prices, the 2% rules is completly impossible to obtain since the rent for a small condo of 300 sq ft is around 1500 USD (0.5%) per month and a 1000 sq ft condo is arround 4000 USD per month (0.4%).The only good thing is the interest rate who is incredibly low at 2.79% for 15 years for a fixed rate for exemple, another "strange" local particularity is that in Switzerland we don't really pay our mortages, ever : for fiscal reasons it's a lot more interesting to have a debt on our house so we pay a small interest rate and have a big tax reduction.Most of the experts agree that Geneva face a housing bubble, the problem is that 10 years ago they where saying that too and prices have rised by 100% since... and there is still a severe house shortage and very low credits costs so I don't really see how things could really change...I tried to look in other part of Switzerland, the price is lower but the rent goes down too so the ratio isn't really better...One possiblity would be to invest in France since the border is so close and the price theres are 40% lower and there is a lot of government helps for investors like 19% of your money back on a new house purchase if you keep a gov fixed (read low) rent for 9 years.What would you do in my situation ?

I'm using a postcard on cheap2mail that offers an ebook to absentee owners called The 5 Little Known Ways to Eliminate Tenant Hassles Forever!

So they hurt your debt-to-income ratio, but they have minimal impact on your credit score (as long as you make your payments).

That is a 13% debt-to-income, assuming no other debts.I dont want to stretch my definition too thin, but if someone who is making minimum wage can qualify for a mortgage, then we are probably in a puddle.

The Home is worth for sale for 150k And worth 280k-340k ARV...every other house next to it is worth close to 400k...If I ran all the ground work and presented the deal on a silver platter for the buyer to just sign and buy STILL CHEAP...With out dealing with the extra BS in certain sense it will become a FSBO after I lock up the deal and prepare to sell...Isnt That the purpose of a wholesaler To eliminate the head ache for the end buyer and get them cheap houses?...

You have to take the sellers numbers, use the ones that will be applicable to you (like utilities and taxes), and also use different numbers that are the ones that are specific to you (debt service on that bigger loan that you'll be needing).Lots of good advice from other posts above.