Nothing against your father in law, but fixing a foundation isn't like changing a shower head.

It could very well be a profitable situation for you, as well as a great place to rest your head in one of your favorite vacation spots.Luke HagenbachHÔM real estate group

I can tell you stories of things that has happened in court and after court that would make your head spin.

It was for $150k as I had estimated (I usually do not nail it on the head like that, but did this time).Thus, the deal at $85k on a $150k ARV is 57% or 57 cents on the dollar.With the $25k I plan to put into it the numbers jump up to $110k on $150k ARV at 73.3% or 73 cents on the dollar.

Obviously I understand I can't pick my tenants, but I'm talking in terms of picking my neighborhoods and properties, and setting rent.Does this sound like the right direction to be headed in?

The prior owner had the shower head installed at about my shoulder height.

If you make $400K, and again you're taxed on NET TAXABLE INCOME, so you'd be doing pretty darn well at that rate, here's what you pay:About $101K on the first $350K or so if single, married filing jointly is about $96K, and then you pay 35% on the MARGINAL INCOME above $350K, so (doing the numbers in my head) another $17.5K.

Do you normally need to head down to the court house in order to get this information as soon as it's filed?

However, you MUST understand the rules and laws associated with these types of deals.

Well when you start borrowing in that purchase range (I don't think) you'll run into the Fanny/Freddy rules because you're not dealing with "conforming" loans.I started doing cash purchases due to the high (onerous IMO) charges associated with borrowing on lower end properties.