Purchase price: $60,000 Cash invested: $7,400 Sale price: $160,000 This turned out to work out for us, even though our intention was to rehab it and hold it as a long term rental.

If it were me I would do the basement as long as the numbers work out, however I'm not you!

If you have a wife, girlfriend, significant other, or someone else that has influence on your plan, then BOTH of you need to be on the same plan.If you two are not then your plan and relationship could be strained beyond capacity.I would suggest you and girlfriend work out your together plan and both buy in to the same plan because this game could easily lead you down the path of pointing fingers at each other and ruining your relationship.Once you settle that then I believe you will have a better base to begin.My point is don't get into something together and then say my girlfriend doesn't want to do something.If you are together then it has to be WE or it will put undue stress on an already stressful situation.My 2 cents.Life can teach you alot (49 years old, property investor, married 27 years, father of kids your age)Good luck!!!

We always share the success stories, but it is good to share that it doesn't always work out.

Cash invested: $500 We always share the success stories, but it is good to share that it doesn't always work out.

I will have to have a property manager initially just due to my lack of experience and that I work out of the country for weeks at a time. 

If you can find someone who is in Pre-Foreclosure, but has not yet had the Notice of Sale served (usually a pretty large window of time) then there may be a chance for a workout strategy with their lender (like assuming the loan or a short sale) or some other strategy.One's a Notice of Sale has been issues the house is listed as Foreclosure instead of Pre-Foreclosure usually.You can absolutely buy foreclosures. 

How'd it work out for you?

They have attempted to work out an exit with the property manager, but are only being met with resistance. 

Most banks I’ve spoken too have required me to transfer the property out of the LLC and still require 6 months of seasoning.Delayed financing likely will not work out with this deal.Thanks for any advice