IRS tax law falls somewhere between these two extremes.

As Wheatie said, that would not even get you close to doing a first deal unless you were EXTREMELY LUCKY.

Also, unlike most developer's contract, this contract has a provision for assigning or more commonly referred to as "flipping."

If you can put together a Short Sale Package asap and negotiate with the Mortgage Company to buy the house before the auction, it will be extremely beneficial to the homeowner - she will not have a foreclosure on her credit record and she should be able to stop the bankruptcy.

Ameriquest is known for very quick closings, no appraisal needed and a big name.The reason they close so quickly is there fees are always extremely high, which they do their best not to disclose, they blow up their appraisals so you have a great chance of borrowing more money than your home is actually worth (personal experience with one of my clients), and the rates are higher than every other subprime company.For people with bad credit, find a mortgage broker to shop the best rates for you.

The property is not kept up (very lacking in landscaping), and the house is extremely outdated.

That really is an amazing, and extremely sad story.

Sorry I don't have any original thoughts on the subject, but I am extremely new at this.http://forums.biggerpockets.com/viewtopic.php?

There is also nothing to download, extremely user friendly so far.

The great thing about investing in Arkansas properties is the property taxes are extremely low compared to a lot of other states giving these investors a bigger profit margin.Thanks again for the welcome,