Steven,Do you have an existing first mortgage on the property?

My options so far are:1- Buy the townhouse subject to existing mortgage, evict the current tenant and re-rent for $1850/mo, refinance in 12+ months to lower the PITI to around $1350/mo.2- Do a lease purchase option with the current owner and a prospective purchaser and keep the down payment as my fee3- Do nothing, move on to the next deal What would you guys do?

Corner Lot Home.ARV on the existing house is $340,000.

Two of the most regulated states for real estate investing.

You will want to make sure you have a good team to use.If you are thinking of this formal investment fund approach you should look up some of the threads on Regulation D and start to become familiar with the general idea of the securities exemptions.

100 % of my deals have been all cash transactions.I would definitely it has to do with what market your in, also the area you are farming makes the world of a difference and last but not least what aspect of real estate are you involved in will definitely have percentages off from cash transactions to financed transactions.Me personally I'm a wholesaler, so the properties that I do come across are usually owned 90% of the time with no existing mortgage.

My first step would be to do a lien search to see how much equity exists.

What is the existing financing?

But I wonder if there's some other relevant regulation about the contents of those ads.

People always look at me with amazement when I tell them 30k houses exist, and are profitable!