Many believe we are in a mini-bubble and I'm convinced the market may remain strong or semi-strong (although appreciations will decrease in rate).If/When shadow inventory is finally released (eventually), it may not cause a "flood" to the market which I've heard over and over again.

If the 1st mtg actually made the connection with what happened, I don't know how much that would increase the odds of them seeking the deficiency, but it would certainly be incentive for anyone who may have bought that remaining debt from the 1st mtg holder, with that much equity.

And you have 2 of the 5 years remaining.

It all depends on the scale of the project, how many contractors you know, how fast they can get you a proposal and how long you plan to remain in the preconstruction phase.

The remaining $500 would be a down payment for the land itself.

Was the original loan, that was refinanced, actually satisfied/released in public records?

There is no allowance in the rule which allows a new owner to do anything less than honor entire remaining lease term.

What is the equity based on your sale price and the remaining amount due under that contract?

My plan is/was to purchase a tri plex or quad plex and occupy one unit and rent out the remaining units enough to live rent free, cover expenses , and still have a positive cash flow.I plan on financing this purchase with an fha loan which to my knowledge only requires a 3.5 % down payment.

$500/m going toward remaining balance.- wanted the option to do some renovation during lease period.the owner has countered with:- $70,000 purchase price (full list price)- $5000 non refundable deposit- $700/m for 6 months and 3 month extension