And there may be far more building code issues than what I've mentioned.Lastly, to install a bath within the structure of an existing building, some part of the building will "lose" some space that will be taken by the bathroom.

Hello fellow BP members.I am 25 years old and plan to venture into the RE world by taking advantage of the first time homebuyer program.I am considering purchasing a multifamily (duplex-fourplex) living in one unit and renting out the others.I am hoping for the rent to offset the mortgage and expenses.My questions are:What to look for?

Also, I do believe if the property is sold in excess of the delinquent taxes that excess funds by law go to the person losing the property.

Okay did a wrap with a seller.Added as a additional beneficiary on the policy.Policy comes up in March.Insurance company was fine putting me as an additional insured but then the owner of the company calls the seller a few months after closing and said his employee never should have told her that.She doesn't have any written communication or a recorded call from the employee saying it was okay just the phone call before the closing happened.Now the owner of the insurance company says he wants to see the seller back on title before he will renew the policy.I mentioned I could add her as additional insured and she said the lender would be required to have her as primary.She is freaking out about the insurance issue and thinks the lender will call the loan.She wants a quit claim back to her and an agreement form her attorney that I manage it but still own it and I can buy her out at a later date.I told her I would not agree to this.We have completed substantial improvements to the property and have gotten out the bad element.What I have come up with I believe will shed light on her true intentions.I am thinking of creating a Joint Venture partnership or something similar where she is given 5% non-controlling interest in the property.This would add her back on title and then the insurance should not be an issue to renew.I am checking with an attorney on this now.Want to get thoughts on this issue.

It sounds like you have a lot to invest and you don't want to lose a big chunk.

One obstacle I did have with using an FHA loan is that I would lose properties to investors offering cash.

Plus I don't want to lose out on this one.

I think the property is a good deal even at full price so I wouldn't like to lose this one.

You win some you lose some.

Patrick:This is my first post on this site, but let me warn you that as an HOA Manager and a Real Estate Investor, Condo's require more research than single family homes.I have seen investors lose a large amount of money in Condo's because they did not research the HOA's finances, condition of the HOA, and the HOA's Board of Directors!