SONYMA gave me a 5000 grant to cover most of the closing costs, inspection, they even filled the escrow account for me.If I sell within 5 years, I pay back the 5000, otherwise it is a gift.Yes, I am strongly considering having my father in law manage the property for 10 percent of the rents.

I haven't had an inspection yet, AFAIK there are no major repairs and just a couple of minor ones to do.I also haven't considered price yet.

Wow, I just read your original post a little closer and saw the person holds title after foreclosing in 2nd position.

I had it on the market for 3 months with only one offer and they backed out on inspection.

You can submit less, but you must remember all the details of the deal are variable.We find that if we want to low ball the offer, we have a better chance of success if we high ball the Earnest and remove as many other obstacles from the deal (termite inspections, radon inspections, property inspections, mortgage contingency clauses, sale of other property contingency clause, speed of sale, etc.).We have a member of our REI Club that recommends 100% of offer in Earnest funds.

., after you verify the rents and the major operating expenses like taxes and insurance, and apply your own experience about the typical costs to maintain and the amount you need to allow for potential vacancy), you decided that these properties are being offered at something closer to a 5% cap rate.Before you spend any more time or effort considering these properties, you know that, at their asking prices, they are not worthy competitors for your investment dollar.

You need to do your inspections and get your loan together.

The homes are "as is" so get a inspection if you are not able to do it yourself.

I'm assuming that wouldn't be a problem.Are there specific things that I should be looking at or asking before I go and do a walk through of the house and eventually get an inspection?

I currently use a financing contingency and an inspection contingency.