I am now 29 have met hundreds of contractors on the north-shore and have people lined up to come in to give me estimates this weekend and early next week.Here is the deal.Property located on the north-shoreMarket Value- $255,00Purchase Price- $190,000Loan Requested - 229,000Renovation - 20,000ARV-319,00(spoke with realtors about comps and value they said anywhere from 319-329 and the house is FHA approved and 2 homes in the same neighborhood sold above sale price at 347k)Currently Rented- 1900 + tenant pays everything!

Set yourself up to receive free alerts to be notified of subjects that interest you: http://www.biggerpockets.com/alerts Please send me a “Colleague Request” in case you ever have any questions.

If a newbie comes across a request for escrow monies my simple suggestion is move on to another trade.

Will the mortgage company look at the fact that you just took out this equity loan/line and deny your mortgage request?

The short answer is @Steve Babiak is the best resource I know for PA related RE questions.

In almost every case the bank will pay the property taxes because it will come before the 1st mortgage and stick around even after foreclosure.The listing agent needs to include the $70k as a HUD expense for the short sale, or call the Customer Service Department and request they pay off the taxes.The listing agent is probably misguiding their client, because the property tax is part of the short sale so the seller should not be accepting reponsibility for the tax lien just by accepting your offer.

@John WeidnerI believe this one was in Flossmoor.We have close to 20 or so going on at a time in Chicago or NWI.Lets connect here on BP, I will send you over a colleague request.

When you get a check and attempt to deposit it at the same bank as the tenant's bank, you can request that the teller check first that there are sufficient funds to cover that check.

Both RealtyShares and RealtyMogul have been very quick at updating me when I request them--always the same day.

I immediately sent some colleague and follow requests because I realized there were some awesome people in that thread who really knew the market.