If so, what marketing method and targeted group (porbate, absentee owners or pre foreclosures)do you feel has been the most effective for finding motivated sellers?

I'd have to pick a property up at deep deep discounts just for the brain damage of learning a new market and due diligence required.OTH, if you are a subsidiary of GE Capital and can buy 15 properties in an area, that changes things, I assume you're not in that position.Good luck!

Your friendship will be damaged, perhaps irreparably.

I know I need to request a copy of the renter application, lease, and to get any damage or security deposit funds transferred to us...but is there anything else I need to be aware of in this situation?

Also, what could be some negative consequences of this type of mortgage in terms of their effect on my ability to acquire additional properties in the near future?

Eviction is costly, and damage/costs are hard to collect.

Many things will effect the terms and us three are generalizing what those terms might look like.

It is a townhouse and i will pay a monthly maintenance fee that will be placed in escrow and will cover the exterior of the building and the roof if it becomes damaged.

Bill Gulley I don't think selling now will work, but he is exploring that idea, the problem is that this has been officially announced and ground is being broken within the week, so the damage is done I think.I am thinking it might be better to wait and see if there is any expansion or subdivision plans for tribe members or whatever that may buy the neighborhood and that would be the best bet.Of course if the traffic, noise and crime gets out of hand, it may be a different story.

Leaky pipes and water damage don't necessarily make a house inhabitable.