I would also avoid doing that, and I think most people will agree...well I would pretty much BET most people on this forum would agree.I would recommend finding something that needed minimal repairs.

Whenever I've closed on a cash deal the closing costs were minimal (few hundred dollars at most).

Another person on the other side of town makes the same bad decision, but instead of arriving home safely, lives are lost and/or irreparably damaged as a result of their choice.How that person chooses to move forward from their mistake can sometimes be a better indicator of who they are than the mistake itself.Hope that helps...good luck with your decision!

The only risk/issue I am worried about is not being able to make the minimal payments so I think I will only try to do max 5k at a time.

Minimally you should check out the NEREIA meeting in Chelmsford on the 1st Wed on the month.

If the fee is disclosed in the contract and on the HUD, and if the escrow company directs the funds to whomever is negotiating the sale (as indicated on the HUD), then it's not possible for the money to go to the agent or the seller.

The only real estate I currently own are our houses, all 100% paid, and the building in Seattle where the offices of the software company I run is located, again 100% paid for.Given what I firmly believe is coming, those using leverage need to be keenly aware of its risks and the warning signs indicating the need to reduce that leverage.

Thomas, at the steps the bid will be opened with the amounts due the first mortgagee, but it could be more if it's a low amount (that's another issues) but you'll know if a second is there as they will then enter their amount due, if you hear someone bidding in $15,263.87 above the beginning bid, that's a junior lien holder.Actually your costs should be minimal compared to a sale, you're nit required to get title insurance but you should for matters shown of record.

Another bank allows 25% down with minimal income (I plan to go back to work part-time soon).

Also be clear that there will be a written partnership agreement (preferable with recourse under Canadian courts) before anything starts to happen ... all partnerships end and, as @Jackie Lange indicated, may end badly.Some folks on BP who regularly work with partners and other investors, who could bring far more information in response to your question would be @Will Bernard, @J Scott and @Marco Santarelli