I don't know that I would define either so differently than you and others have done.

Still some information needed to really give you sound advice.You're calling this a "foreclosure", but often people use that term loosely, so defining some more specific things about this opportunity could get you some other info.So, is this already owned by the bank?

But, they can, in some areas of business be very enforceable so it's best to get a copy, say you want to take it home and discus with mom, or dad or the wife and have an attorney look at it.Often, people make up non-compete agreements and they are not enforceable in areas of business unless they are very well defined, reasonable in protecting intellectual property or customers and such data significant to that company, they are often going into non-disclosure agreement rather than non-compete, and that may make them harder to enforce by not addressing the proper type of agreement to be made.While some guru may be able to protect certain phrases of a contract, he can't keep you from using standard contract agreements.

I will definately take each one to heart.Justin I am currently paying for the Rich Dad Coaching but I am debating to cancel.

Meaning what the law says is what you can't do, not what you can do (then there's case law, which can define what can or can't be done, depending on the situation).

But, from what you're saying, that doesn't sound like it's the case.Did he give you an estimate up-front or define a fee schedule for his time/work?

Restricting the land use to agricultural business could then define the note as a commercial loan and avoid the seller financing issues over the term of that loan, while the loan is outstanding.

I woulx definately suggest talking to some smaller banks first.

As far as the interior goes i think that shower may be salvageable, but the ugly countertops and cabinets in the bath definately need rectified, same goes for the kitchen.

Here is what you will find for turnkey multi-family properties:Indianapolis duplexes: ~$50k to $75kIndianapolis fourplexes: ~$200kLehigh Acres duplexes: ~$110k to $130kSan Antonio duplexes: ~$225k (new construction)San Antonio fourplexes: ~$395k (new construction)St Robert duplexes: ~$168k (new construction)St Robert fourplexes: ~$215k (new construction) That's a broad answer to your question, but it gives you an idea of the range.