I'm a graduate student, starting school this Fall and am feeling a desire to act on these real estate thoughts in the back of my mind.

Though it would be a pain to have to go through you lender for access to reserves, I understand the lender's desire to control the funds and, extensibly, give greater opportunity for success to the venture.   

@Chuck VanDyne  I'd be interested in any good 19th Ward properties, or others around the desirable parts of the city, that you find!

(Using the HELOC at all conflicts with my desire to fix and flip 2 or 3 properties to build some cash reserves before investing in the next buy-and-hold, but this seems like a deal that might be worth while to investigate further even at the expense of any flips.)Before I spend time and resources checking out that property, however, I would like to know if there even are any avenues any of you can recommend for financing this deal. 

Brandon Turner mentioned in one of the podcasts that he started paying $3-4 an hour and when the assistant reached his desirable level of expertise, he started paying her on commission basis.

- It depends on the sellers motivation and desire to move on.  

If I can bring you any value with my time,resources,and desire to learn more about REI I would jump at the opportunity.Thanks

I have no desire to be unethical or even viewed as such.  

Don't believe in net worth in RE either, I've seen my net worth declined by 5 times in 2008, because I had a lot of ''equity''.I only believe that true wealth is a future cash flows discounted at desired rate of return

My suggestion is to work backwards -- figure out the most you can sell it for, and then determine how much of a profit that would realistically leave you if the buyer purchased based on the 70% rule (or whatever formula your buyer will use).If that profit amount is worthwhile to you, it's a reasonable deal for you to pursue...The deal will determine your profit, not your desires -- the better you negotiate the deal, the more profit you will make.