Hello all, I recently purchased a condo on the east side of Madison from a foreclosure sale auction.

Also, you are not going to be able to purchase a property subject to if you are dealing with a realtor. 

If I sold, I think it would be by a hair that I can offload the property for the balance despite a tax value of $440,000, but it would get it off my books completely and free up my VA loan to purchase again. 

You might consider hard money for the initial purchase or going with a DSCR type lender if you find something that is more turnkey.Hey!

How big of property are you looking to purchase?

-----------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I would appreciate any advice on anything I may be missing with putting this together or should neogotiate before finanlizing.Negotiated so far:Property: 9 Unit - 7 Apartments + 2 Commercial Garages (4 unit apt building + 3 unit apt building w/ commercial garage attached + standalone commercial garage on same lot)Background/Why owner is selling: A seasoned builder of 50 years, the owner purchased the property in the 1970s for around $8,000.00, later developing three apartments and two commercial structures.

You can purchase through a brokerage account with much smaller minimums.

Congratulations on your first investment purchase! 

The purchaser of the property, sometimes the foreclosure rescue artist, is now free to refinance the property or to sell the property to another party.