When dealing with a lot of sellers, they tell me "rents could easily be raised to $xx", and then they try and sell the property based on what the rents "could" be.

I was born and raised in southern CT and I think I have a good idea of what's what in the area and hope that will be an asset to me in local real estate.I currently work 9-5 as an engineer at a small design and consulting firm and I'm looking to enter into the real estate market on the side (for now!).

One thing I like about Texas and its about the only thing... is that its customary to put up 100 dollar option money ( for what we would call EM) why you do your inspections.. if you walk you lose the 100.. if approve your inspections EM is raised and goes hard.. this alleviates these headaches during the inspection periods.

Plus if I can't get the funding the deal is dead anyway.

In its current condition only the 1st lien is in a position to recoup funds via foreclosure.

Currently my wife and I are debt free including credit cards and saved up a decent chuck of change for retirement, mutual funds, stocks, and too much into CDs(lucky only one year at 3%).

They usually have different funds that are made up of a mix of banking, real estate, communications, ect..

To acquire the property, the buyer will need only $702,000 in equity plus amounts sufficient to fund the seller' s replacement reserve, insurance and real estate tax escrows (such escrows are held by the lender for the borrower' s benefit).Would that mean you only need to come up with the $702,000 to purchase? 

I am not looking for them to use thier credit, but  only seeking additional finances to help me fund my 1st deal.Any suggestions, things to beware of etc......all greatly appreicated.

We are using 401k funds for rehab so property will be free and clear in 5 yrs.