You've eluded to many variables that, without nailing those variables, make it extremely difficult to assess this from a financial perspective.That said, if you are a "newbie" and are thinking of investing in an area that has a lot of turnover, I think you are in for a very disheartening experience.

If you have the cash to buy at FC auction, there are many condo opportunities.The biggest problem with condos here as investments, other than oversupply is assessment fees and taxes.

The risk of falling behind in rent will be greater as there are more built in expenses for the tenant.But is it legal to assess their credit differently than, say, a childless couple?

Just want to make sure that we are on the right page here.The subject matter and the majority opinion is that I was incorrect in the statements I made (except for the admitted mistake about the guy giving a valuation assessment);And, that the service is to take pictures of properties for third parties and upon their request, provide his opinion of the condition of the property and in so doing does not need to have a license because he charges a nominal fee.

it's public record (here atleast). something you may also want to consider is that if a change in ownership will trigger a tax increase for the assessed value. may change the numbers a bit.also, have you considered perhaps offering him an offer to finance for u?

Likewise, taxes are 1.5-3.0% of assessed value in most areas in the country.

What are the taxes and assessment values on it??

Find out where the seller is at mentally.Most of my sellers shy away from little to no money down buyers who want owner financing.Someone with that much equity can sell now for less than what they would with owner finance.The benefit is they get a big payoff now.You may payoff later or become a big headache to them down the road.Tax assessment doesn't mean anything.How do you know title is clear from additional liens??

So I opened the listing on HUD website and in the Disclosures & Disclaimers it says "Property was converted illegally, Special Assessment $245.18"; however, MLS shows the listing as "2-Unit Bi-Level HUD SALE!"

If you are not well versed in assessing the condition of the property, get inspections and bids for reapirs if you can, if you are under contract begin now as your inspection period wil lnot run forever.