And you generally want them to be within .5 - 1 miles, where the closer the better.My recommendation is to find a good real estate agent who can help you determine ARV when you're looking at properties.

If you are holding less than a year you would get hit with short term gains.If you hold for a years time you would get hit with long term capital gains.If you defer the gains with a 1031 after holding a year and selling to the city then you will not pay anything if done correctly.While there is no rule on 1031's case law and 1031 companies site 1 year as being safe to do a 1031.Anything less than that and the IRS has been challenging you are holding for resale purposes and not investment purposes.Simply have the city purchase after your 1st year of ownership is up if you want to avoid the gains taxes and do a 1031.

Doubt you will get your money back.For the small amount and fees and time to recover it you would be best to move on.Now if you plan on suing for specific performance then you need to show up on closing day on time and ready to sign your documents.This shows you were holding up your end of the deal and documents if the seller does not show.You need to read your contract to determine breach remedies upon default by the buyer or the seller.

Others can't make this determination, it is something you have to take responsibility for.

I plan to try to clean the carpets, but I wanted to determine my plan of action if cleaning them does not get rid of the smell.

I personally feel a Real Estate License would help with meeting many other investors (socially / business contacts)I have learned a lot by studying for my real estate license me personally~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~I plan to put on my big boy underwear and schedule my exam after I’m done volunteering for Habitat of Humanity this week{ local builder week }I’m trying to determine, if it would be best to start out as REO / BPO or everyday agentMeaning - which option would I need a smaller marketing budget and be effectiveMy concern – every agent I have met in the last 8 years seem overly stress Real Estate license will help with seeing both sides of potential deals ( Wholesaler versus Agent Disclosures )

That can help you determine where you are strong, and where you are weak.But probably their best tool for your scenario is a "credit simulator" where you can see how various hypothetical changes (i.e. opening a new account, increasing your credit limits, adding a new loan, etc) would affect your overall credit score.

As Kyle J. posted, when you transfer ownership you will still be on the hook for the loan payments.

It's all subjective on a case by case basis.For instance one owner I know owns a multifamily complex of ranchers single story (over 100 units) on about 12 acres.Over the years retail commercial has built up all around it.The owner hasn't raised rents in 3 years.90% of the community is 55 and older even though it is not designated for that.The owner keeps it filled and does minor things to maintain it.Eventually it will probably be torn down and sold off for redevelopment.Knowing that it doesn't make sense to really over improve it and increase the rents.When buying a multifamily building you have to look at many factors and where it is located to determine what your plan will be.I like upping the rents slightly so that you get the increase but are still below market.As other shave said for someone to move and pay deposits and moving fees etc. they won't do it for a small amount.It's like a restaurant upping a burger 25 cents.You won't be happy about it but will deal with it.Up the burger at once by 1.00 and many might look for another place to eat.

So, you should take with you anyone/anything that will allow you to determine those things.