I need to still verify some additional information, but it looks like I will be picking up a few out-of-market properties.In addition, if you have $100,000 and a relatively stable job with good income, I would very seriously consider leveraging that money to purchase multiple homes.

Not the best solution but a relatively cheap one.By the way what is the asking price on the tour house?

@Mike Abel I am relatively new to Real Estate Investing.

(cost is to high) however, this makes a much better market for long term rentals as property value is rising and the city is growing at a rapid rate with a high demand for rentals (all relative to where I live).These things helped me to decide.

What are we going to run in regarding related parties and seasoning when obtaining a FNMA conforming loan?

Need be, draft a consultation agreement for $5, POC you don't have to be on the contract to advise.Sounds to me like a relative might have been left out or possible liens could be pending but not shown of record yet.

I believe I stumbled upon BP last Summer when I was searching for something REI related.

ACV is not related to market value (purchase price).

Or do a short sale with all the baggage related to that.

try reading this related thread:http://www.biggerpockets.com/forums/67/topics/78889-smoker-rehab-keys-to-success-with-tobacco-smoke--before-after-pics