One mistake I made was I put too much time and made my bid pricey, after a few great comments, and giving out favors in exchange for feedback, we have adjusted to an "investor mindset" and have been hitting the sweet spot where it brings everyone to the same plate.Lessons I learned during this learning curve was, not all want "retail" quality finishes (where all our commercial and government contracts are of the only concern), they are more concerned about time and money.

Hi Jordan, It can be dangerous to purchase real estate sight unseen from a remote location, and can result in accidentally losing a lot of money.Are you an accredited investor ($200,000 a year in income for the last two years are over $1 million in assets)?

@Steven Picker, your foreclosure and underwriting concerns are valid, but that's going to vary hugely from state to state.

@Steve EllisonWell, for better answers about your tax concerns, need to speak with a CPA.

Any insight or future surprises I should be concerned about here?

So our family found a pretty good property which in my opinion is at the right price to start out....but I have a couple concerns so I was hoping the group could guide us...1.  

My only concern is that perhaps a few weeks will go by until I get sponsorship and that's time I could've used to market the property and save money on taxes. 

I'm assuming that pre-foreclosures are in the same boat as well.Actually, pre-foreclosures are in more dangerous waters, a short sale the bank just won't go there, screwing around with a foreclosure takes on a blend of federal compliance and consumer issues, cause a delay and you can get nailed.

2) Since there will be at least one person trying to get that easy post to rack up their post tally by briefly and ambiguously  says "go see a state specific RE attorney," one tip that I would appreciate that comment at least say which state's laws I should be concerned about, and thus, know which state to find and attorney in?

What should I be concerned about with a 147 year old home?