US Marshall auction should not be too different from sheriff sales, in terms of the homework that is needed beforehand; here is a link that will point out some other places to learn about homework to do before the sale.http://www.biggerpockets.com/forums/86/topics/55917-are-the-sheriff-sale-listings-really-accurate-What to do now?

In terms of being an agent, I am unsure of where I would like to take my future (commercial, investor friendly, or residential).

The last SSF I looked at the appraisal laid out everything for me as far as market saturation, location in terms of distance from the subject property, and I was able to call the owners to pick their brains.

Like Charles, 15% is the number I look for in terms of long term COC; but also like Charles, I look at other indicators as well...For exampe, I want to know that I have built-in equity at the time of purchase and I want to know that if I finance the purchase (or refinance), my total return will be at least 25% (with equity accrual).Since I'm always looking at the final exit strategy (sale), I want to know that the property has appeal to market buyers so that when I choose to resell, it won't be too difficult.

Here is a quote from Sarah Palin today on the Glenn Beck radio show during a discussion about North Korea and their recent escalation with South Korea:"This speaks to a bigger picture here that certainly scares me in terms of our national security policy.

But, as to racking up points in a short period of time by posting these generalized questions that simply invoke a broad opinion or political view is rather demeaning to the intent of the influence points, I'd say some of the older technicians, specialists and "experts" who earned their points by providing sound RE advice lose influenece in a way as someone with less RE knowledge is seen as a peer in terms of the points granted, when that poster is no where near being a peer in hard core RE knowledge.

I thought that J Scott's example was extremely close to what I see on my tax returns in terms of expenses and depreciation.The largest benefit is that you can deduct up to $25,000 from your tax income on your personal taxes.

Insurance lenders are even lower in LTV.Private lenders are even lower in terms of LTV, but if you've got a great buy below value you might be able to get the money you need to get the purchase taken care of.

I'm more just wondering my original first question: Is this a smart investment in terms of rents (have I calculated the costs accurately, and have my 50% rule right)

You need to show how the hardship pushed you outside of your ability to make the payment.Banks often think of mortgage payments in terms of percent of gross income, so you might consider using this.