I would suggest doing a lot more research before you jump into it. the basic allowance for a small commercial aqusition and development is at least 10k out of pocket for start up costs.

This is one of the best places to learn the nuts and bolts of REI.But there is also no substitute for education in the "basics" of life.

Here is some basic info.There is no requirement that the lender on a piece of real estate has to be a bank or regulated financial institution.Sellers can choose to accept monthly payments rather than being completely paid off when they sell.

His cousin is way behind on the bills and needs to get out of his house before it goes to foreclosure.He is sending me the basic info, including note amounts, property value, address, possible repairs, etc.Then what?

Hi Kiran: Supplementing John Corey's Post: 1) TX has basically not allowed residential lease options. 2) I review most lease option material.

A basic cleanup can start at a few hundred dollars where as a suicide by shotgun can take more than a day to clean and can run into a couple thousand, not including the replacement of carpet, paint, draperies, etc.

There are basically two types of ROWs.

So basically you'd be doing well to scratch on the expenses.

You at least have a basic knowledge of property upkeep, loans, etc.

I think that a basic plan with different exit stratigies is a smart move.