(more is better of course if the market allows for it, but just as a general rule) Thanks.Sean

As a general rule assume that all foreclosure auctions assume you have all cash when you bid.

If you want it as a rental, apply the 2% rule (i.e., to make money, rent must be at least 2% of the purchase price.)

It's not about paying cash (which IMO is the ONLY way to go) it's about paying 88% for a property, the "rule of thumb" is about 70%!

Most of them will fall foul of MikeOH's rules.

When working a subject to deal with a foreclosed property I know that you take over the properties payments and so fourth, my question is what about the seller?

Your LLC has two members so it does not fit the sole member rules to how it is taxed.

The IRS rules for not paying the tax on the gain are not going to work all that well if you cook up a sale like you are suggesting.You might be able to sell to a related party (sister or an LLC you own).

Dont got much planned except driving by a few properties.. really like that one on mississippi you have.. and i think it might be like the first property ive ever seen to meet this 2% rule that seems impossible.!

The rules are to prevent preditory lending and excessive profit this is an honest deal with a reasonable profit.