The scenario: My husband and I are first time home buyers, so we are looking to take advantage of the $8000 tax credit and buy income property at the same time.The issue: We favor this particular property the most because of the location, condition, price and a motivated seller.

Barnum sales pitch from the front of the room as described above.I have all but quit the local "networking" and "REI club" scene in favor of a select few, very high quality networking opportunities.

Studies done by behavioral economists show that people get more lasting satisfaction from experiences than from material possessions.In addition to the reason given above above, I would like home prices to go down for one more reason: I think our society has created a "moral-hazard" favoring bubbles.

It certainly would favor banks and wipe out independent mortgage "shops".

I just don't have the capital at the moment..I also posted in the "looking for funding" forum on this deal as it is now... but the deal can and will probably change more in my favor..

If you pay something between current and future values, you still have good upside potential.And with your limited experience and perhaps limited resources, your friend's willingness to give you seller-financing at favorable terms might be exactly the opportunity you need to get started in RE.Having said all this, I must say that I did not actually calculate with your numbers for NOI, cap rate, etc.

Some are strong in double closing, while others are not.You may need favors - you don't want to be always asking the same title company to pull a quick title on a property your thinking about purchasing.

It works out nicely in your favor.

I also have friends here that are interested in rentals so I may wholesale some to them as a favor.

But the fact its cheap to copy digital data doesn't change the ethics.A recent ruling favors sellers of used software.