That could be the only draw back.

Another consideration that you should look into is UBIT.

I see, of course the 15% doesn't take basic repairs into considerations?

I'd write a purchase agreement that says spells out the terms of the sale and get the deed for a consideration sum ($100 or such).  

Now here is my question, since this realtor hasn't done anything to promote the property and the person who told me about the property is the nephew of the owner, could we just wait until the end of the month when their contract with century 21 expires and then hire a lawyer to close and draw up the contract?

They can always go to an ATM and with draw the cash and deposit that into your bank account.

I am not out here to solicit partners or lenders, but drawing from the wisdom of B.P. community. 

One thing also to take into consideration is that the house is about 900 sqft bigger and about $20K higher than the average house in that area; it is priced according to comps/sq/ft however.So I would be justified in going to my realtor and asking her what else she is doing or planning on doing then, correct?

Chris,Congratulations on the new home purchase and your consideration of real estate investing.Consider listening to podcast 78 as a benchmark for entering investment as you are.

I guess one of the questions is where to draw the line...