I'm looking at it from a "minimize expenses" perspective in order to get into the game and learn (hopefully break even)  then build from there as I've been looking for well over a year now.To complicate matters, I'm also looking for private funding to make it happen so if you're able to go the normal route, more power to you!

The Kenosha/Racine market is extremely competitive right now so be sure to bring your A game and be prepared to move quick if you consider that area. 

@David MoreheadBooks: Due Diligence Handbook (super important and often missed element of the underwriting process)The Real Estate Game: The Intelligent Guide To Decisionmaking And Investment (solid overview by an experienced operator)How to Create Lifetime Cash Flow Through Multifamily Properties (free, solid book)Articles:How to Avoid the Most Common Commercial Due Diligence MistakesDeal Screening Checklist for Passive Multifamily InvestorSpend time poking around the Internet + networking with local multifamily investors to understand how to underwrite and what assumptions to use. 

Is it created by myself or the title company?

If a family friend lends me $30,000, for example, to buy a foreclosure, where does the lien/title reside?

At a list price of $105k and $40k of renovations, you'd be all in at $145k plus (let's say) $6,000 in closing costs and lender fees for a run-of-the-mill title and lending company. 

For me and my family, the MF Breeze team, his "Syndicated Deal Analyzer" (SDA) was a complete game changer and finally allows any of us to enter the major league.Looking forward to having a great journey together and doing awesome deals with all of you in 2018.

Who currently holds title according to the county offices?

The property is titled and recorded in the buyer's name.This end buyer is now asking for a copy of My Original Note and Lien, which was never a part of the discussion with the 1st buyer nor is it in the contract.   

I figure the more skin they have into the game the less likely they are to trash the place or walk away.