Mike:doing a buy-write will reduce your purchase price but it also limits your upside.

A good place to start, given your limited resources, may be to join your local REIA (real estate investor's assoc.)

That sounds like you should pay $45K max, based on that limited info.You do know prices have fallen from three years ago, right?

Lenders have strict requirements so that they limit there risk of loss.

They know where to look for the best deal and a better place for you that would suit your lifestyle.

Note: Auctions held in bad weather where the property absolutely must be sold, are your best chance to limit competition and get property at rock bottom prices, due to the fact that there is no low limit on what can be accepted (no reserve) you may win big.

CoLetter To Lender Limited Power of AttorneySeller Disclosure and Addendum to the Sales Contract Authorization to Release Loan InfoOthers that I'm not aware of?

Don't know if they have them in Canada or not, but not limited to US.

2 % isn't keeping up w/inflation)IRA's..3.5% STILL < REAL inflation #'s(I don't need Greenspan 2 tell me stuff is costing more...I SPEND that $$ he's talking about)Keough accounts, same as IRA's401K's a hair better, & w/matching employer funds, pretty decent...maybe 7%Stock Market....sky's the limit, right?

U bet, 8) I've spent the last 5 years cultivating a portfolio of private lenders for virtually any scenario(loan) You could possibly need, including but not limited to 80% ARV(after repaired value), NOT Purchase Price, Purchases at 80% of APPRAISED Value(not purchase price), 80% of Appraised Value Cash Out Re-Finances, & most closings occur w/i 48 hours.