It's smart on the investors part as instead of paying 100k for that property cash they can now put down 20k on 5 properties saying they will pay cash.In my neck of the woods this strategy is dead.The banks require a high earnest money deposit on cash offers.Then they have an addendum that states that if the buyer converts a cash offer to financing the earnest money becomes NON-REFUNDABLE and the bank reserves the right to terminate the agreement and go with another offer.

Perhaps converting their office to rentable space and building a separate space for them to manage with is something worth looking at.

It has been converted to gas.Although someone bought the house with that monster at some point, I think it will be a potential deterrent for a prospective buyer, and a new heating system is a nice selling point.Has anybody dealt with that situation?

TV - way to expensive for my market in comparison to the converted deals.

Yes - I agree with Jason Scott-- wait and see -depends on how good the price is -Also get your own attorney to do title check-for $100 or so -- May be if he was a wealthy man --may have divorce or loss in some business deal and may have this townhome as lien along with other properties or business --so complicated title --but can be Resolved through your own attorney talking to lender --Also do not get too attached with any one property --if you are going to live in --have your own Mortgage approved ==Pre Qualified and buy a smaller house--live there two years --do some improvements and convert to rental and buy next REO --good luck

From 5-10 years, I hope to convert all my real property to apartment complexes with live in managers, and on the side flip million+ dollar SFHs.

I had a few viewings, but did not convert any to interested parties.

I know that the Governor of MI. is working hard to change investment and update the area to high tech manufacturing and support industries, The golden lining will be identifying properties that are not being used to their highest and best use, a bargin wharehouse that can be converted to solar panel manufacturing or building wind generators....whatever.

I might convert my deposits to coins and fill the drive-up deposit box with one deposit slip!

I have an investment property in Canada and looking for a home in CT - thinking to convert it to a rent in 2 years.