Or can I finance the loan with a regular mortgage that I get from a lender?

The main challenge I see is to convince the seller that you are a good, well organized investor, who will take all the burden off of them, giving them regular guaranteed monthly payments, while they continue to receive all the tax benefits of ownership, during the term.

Mikeit is an option thats still on the table. i am not sure how people are in this market about lease options and contracts like that..plus alot of my contacts would be through MLS b/c i have no foundation, help, or contacts of my own so i would also be dealing with "regular" agents who don't quite understand the process and won't be able to give the seller an accurate idea of what the heck is going on. i need to first find out how to have no budget but still find sellers in preforeclosure. i need to find the business/legal papers and subscribe to that although i am sure the other investors have that lead as well. another idea that i saw through Armando Montelongo's book was to contact divorce and insurance lawyers to tell them I am interested in buying their clients homes.

They're auctioning off the properties and getting 90-95% value pretty regularly, surprisingly enough.

The Trustee may give you a cold stare but they will merely re-auction the property with no harm done.Once a house is sold at the auction, the IRS has 120 days from the day you bought it, to sieze the property.If they actually do that, they will pay you the amount you paid for the house plus 4% (some claim it is 6%).BUT....

Start slowly while holding down a regular job and when your passive income is great enough or your portfolio is large enough go into real estate full time.

He said several of his clients own rental units to 'create' a passive loss...depreciation, etc that gets counted against taxes, while the passive income doesn't get taxed in the same way that regular income does.

I want the course to have at least 20 pages of frequently asked questions by people just starting out.I'm afraid that when I order the course the "forms" that they will give me will not apply to my state.I don't know how to add weasel clauses to a regular contract for my state.

It's pointless to look at the credit score for really low income tenants - because their credit is TERRIBLE.Unless they're 18 or 19, scumbags can't avoid being arrested and/or evicted on a regular basis.

Refinancing in a LLC (there aren't many lenders willing to do this---might have to quit claim it out for the purposes of the refinance).Regards,Scott Miller