I have found a decent book that just deals with these types of properties and covers lots of specifics: Armchair Real Estate Millionaire.From a financing standpoint, there are programs that allow up to 90% financing for this type lease tenant arrangement.

I am getting ready to prepare tax form 1065 (and the related K-1 forms).

There are quite a few HML rehab programs that will lend you 100% of the purchase price + cost of repair + closing costs (and in some cases, allow you to roll in the mortgage payments) assuming that the sum total doesn't exceed the ARV allowance of the program.

If you could find the perfect program to help you invest what would it be?

Now of course I don't know that I have a deal yet but I would like to prepared before I meet the agent tonight.

Some title agents will prepare a one sided HUD 1 that doesn't show the buyers side to the seller and the sellers side to the buyer.

In any case, I want to be as well prepared to evaluate the properties I look at as possible.

I also run ad's looking for buildable lots which are getting hard to find.What I'm doing right now is learning about foreclosures and preparing how to request a list from the Banks REO Dept.

If you have a big pile of cash and are prepared to close in the next few days, then you might have a chance.

My partner had a 660 to start, which isn't great but was the min FICO for the loan program.