There is a big difference between a loss on your schedule e vs how the property is performing from a lender's point of view(due to depreciation).

If $195K is the price I'd offer them principal payments of $541.66, which equates to a 30 year amortization schedule, but obviously it would balloon in 10 years if we assume they agreed to 10 years.  

In Alabama, which also uses non-judicial foreclosures, you can often stop a foreclosure with a short sale offer submitted as late as one week before the scheduled auction date.

Luckily my work schedule was such that I could be artound her a bunch when she was groing up.  

NOTE:  I haven't seen the property yet, but will, before locking any deal our schedules just haven't meshed.Thank you for the quick replies!

Jan Fensterer Two great pieces of advice for budgeting projects that I learned at an SJREIA meeting from a guest speaker. 1) Set up your payment schedule in small increments.

Market rents are $250-300/month under market for the area so basically the owner shows a small loss on their Schedule E with depreciation.Pushing the rents to market rate would make the deal a great one in the long run but what do you offer on the property now ?  

I have 11 more showings scheduled today and tomorrow!

Still a newbie, but wanted to obtain my real estate license while I learn more.I work full-time at nights so my ideal schedule is during the day.

That bad stuff happened just 2 days away from scheduled surgery to fix that module in my head that failed.Luckily I was married and owe her a bunch.