I was up for the challenge of filling it in.

And lets face it, in todays housing market not many people have a 20% down payment. 3.

New REI looking to make some decent cash and eventually achieve financial freedom helping people with real estate challenges.

You have the benefit of learning about real estate w/o having to invest a great deal of money, aside from the yearly/quarterly membership fee( a nominal fee), and you get to network with other investors face-to-face and ask questions.You can do a google search online for Milwaukee's REIA to find where one, or several are located.

In order to keep your property in rentable condition you might have to 1) roof the house 2) add a porch if water is rotting the front door facings 3) change out a furnace 4) add laundry hookups 5) remodel an entire apartment or house especially if a tenant has been there many years.

Do I hear a challenge?

You need to keep in mind that most owners want to remain in their house (that's why Bankruptcy rates are so high because that will keep them in the house longer).If you approach asking them to sell..... you are facing near-impossible odds.If you approach with useful information about the foreclosure process and what options they may or may not have.... you stand a reasonable chance to gain their trust, bring them from denial to acceptance and hopefully... they will realize that selling may be the best chance they have and you are first in line.I want to note that while I disagree with ProHabber on his opinions of short sales, I am in agreement with him on nearly all of his advice he has given on this website.

They're about 5 months behind on payments.Here's the numbers:FMV after fixing about $105K-$115K.Probably needs about $10K in repairs.Loan balance is about $48K,Bank wants about $5K in late charges and legal fees to date.Wife wants to walk with $7500.My attorney (who's also their attorney and brought me the deal) suggests paying the wife the $7500 (obviously I'd only do this into escrow subject to my getting marketable title.Then buy the bank out (HERE'S WHERE I REALLY NEED YOUR HELP), I sure don't want to pay them full face on the note, nor any late or attorney charges.

Look at one more staggering number is that every day in the good old USA we have 1 million people facing foreclosure!

the no money down hype may be applicable in some situations. but i don't think its something a newbie should be expecting.. especially with challenged credit..