Typically, they will be involved with local RE related legislation and major cases.

If you are in a major city or town, that information is probably right there.

You can do cross collateraltization for your purchase for the 20% down with a smaller bank with a healthy commerical loan department.

I have also registered in most of the major REO websites but it seems that they're either too busy or just have too many agents working for them.

A vast majority of my investments are there.

Don't start your investing career with such a property.If it is properly zoned, check with the building department to see if its actually permitted as a duplex.If its not both zoned and permitted as a duplex, plan to make it back into a single family.

But with the car I'm picking up ,'71 Chevelle, that will put a major dent in what I do have.

Knowing that you have not purchase anything major as this before.

If I was me in your shoes...I would certainly be interested in this project as well, however, barring a major problem at inspection, I would think about the fact that the owner possibly claims low expenses due to deferred maintenance.

He better be a rich man (having taken money from many people) to return all funds and serve a prison sentence.Having said that, you carry a major responsibility in investing in a private company without securities (at that time).