Quick calc in my head... this puts you at a $4900/month loss before factoring in tax benefits.

Many of these newbies will buy rental properties and rapidly realize that they are in over their head.

I'm not sure how reliable a preliminary title report from a realtor is but its worth looking into.I'll defenitely check into the county records office and see if I can make heads or tails out of it, if not I figure I can always grease someone's hand their to explain it to me.

I do have a passion for this business and I'm really looking to get a solid head start with the least self-imposed mistakes I can make.

Focus on a local lender with a small bank so they do not have to apply formulas from head office.

Does anyone have knowledge or experience of buying a note from a bank that is heading into foreclosure?

I have been beating my head against the wall about trying to find reliable buyers.

I kept my head up, didnt listen to what anyone said - and when i got to the end, victory was just that much sweeter.I am now looking for a deal to do with my dad (he actually agreed to finance it), my mother has since become my own mortgage broker, and my sister does my marketing for me.I now have a new goal - to become an investor.

I might be heading back that way in a few weeks.It sounds like you were both lucky and able to spot an opportunity when it runs you over.

Even if you are buying a tax lien and you realize that it is only a TLC there could be a TLC from a prior year that is in front of you or one that is behind you in priority.Do Your Own Research (DYOR) and then consider what the rise is you missed something.I head from a RE attorney of a case where the savvy, experienced investor checked the title personally but did not realize that the state can attach after the sale back taxes that the state paid to the county for the prior owner (over 65 and you can not pay your property taxes as the state will do it for you and then collect when you sell).