I think Willow Springs is going to get a boost now that the 540 plan is finalized.  

I finally got an attorney and it was worth every penny and less headache on my part.

Sometimes these homes sit vacant for quite some time before the bank finally gets the legal work done and puts the property on the market.  

Not convinced that it's really cheaper to convert one of these vs building new though especially given the inherent limitations and the appeal of the final product.  

The last HUD house I sold was vacant for 3.5 years before it finally sold. 

They will also stay forever, and fight tooth and nail if you try to evict because they know they wont be able to find another Sec 8 unit available.Example, I just looked at 2 fourplexes in south troy last week, they havent had a vacanacy in years, the units are rented for 700/mo, yet the owners can't get 100k for either after a year on the market, and theyre decent buildings.

I've been interested in real estate for the last few months and did some light researching, and then I finally decided to join BiggerPockets.

Getting a slow start in real estate, joined BP a few months ago and finally found a place at a great price with awesome rental income.

I don't foresee a problem getting out of the hard money loan, my concern is rather on the final interest rate I'll get on the 30Y mortgage (4.75?

I figured it was finally time to introduce myself, with a duplex deal hopefully on the horizon I will soon have tons of questions.Long term I would like to primarily invest in small multifamily properties for cash-flow and some long term single family rentals for the stability.