We have many members with extensive experience in all four categories you are looking into.

one year lease with 4 possible extensions See http://www.fha.com/fha_requirements_credit This may or may not change from FHA.If they are underwater, it is in seller's best interest to have a 5 year term.You want them to have paid down enough of mortgage due so the seller does not have to pay to get rid of the property.You want the exercise price to be the loan balance in 5 years.The house may or may not appraise for the loan balance, so I would save $100 a month, giving you an extra $6000 in 60 months.Brian

Many I have not put down here because it would just be too extensive, but I appreciate any input.

For instance, I have been approached by several borrowers about funding deals they are planning on bidding on at courthouse auctions.

I have seen for instance on commercial properties for clients where the developer selling has already reached his maximum pay in for a blanket policy so his insurance was only 200 bucks a year on a property versus my buyer paying 1,000.

What I do in this instance is offer the them money to vacate the property before I evict them,because in Akron Ohio they make you hire an attorney to evict them,because my property's are in my business name.

I've owned some of these properties for over 10 years.I have extensive experience in landlording and its problems and over the years have come up with quite a few personal tricks of the trade which I hope to add to the community over time as it's appropriate.

Take for instance your listing below on 1365 Eloise.

So here's the conundrum for a novice - being the type A personality I am and wanting to learn (and, honestly, control) as much as I can about this "deal" my first instinct is not to "bug" local investors about it because (a) I want to add value to what I can present, (b) I want to know as much as I can before I put this before someone, (c) I want to control this in some fashion before putting it before someone since i'd be doing a lot of up front with the seller and learning as much as I can about the property, (d) I don't want to waste an investor's time because I don't want that reputation to follow me as I evolve with this business.But it's like I can't get the outline or roadmap on how to start (with the land, for instance) without going to someone who's been there, done that and effectively negating points a to d.If YOU were pursuing this based on what I outlined, what would be the FIRST thing you'd do?

For instance, I have a consumer Barclays card that gives double points for utilities spending that I use on a multifamily project where I pay the water each month.Also look at how you want to cash in rewards.