thank you both for your wise words, well anyway i guess i'm just so anxious to do my first deal. especially a deal like this were the homeowner is in distress and states to you how much equity is in the property (i know i'm a beginner, but i don't see how he'll benefit by lieing to me about the amount of equity in the property, because he already stated he doesn't want to sell the property, and i already stated to him i'm gonna view the property/mortgage paperwork)well anyway i must say i agree with you both, from first look it seems the best way to do this deal (thats if all the number are right) will be to purchase the house for the amount left on the mortgage, and give them moving cash and etc (this way i'll have alot of instant equity within the property, which i could either wholesale to another investor or put it on the market at a small discount and sell it retail because of the properties perfect condition, then i could even try a short sale to build up more equity to make the two above tactics more profitable for me)now the only tactic i can think of that would work, were they will get to stay in there house and will be profitable/beneficial to me as well is to then purchase the property real cheap (whats owed on it) and offer to lease option it back to them at a higher interest rate and at a higher property price, but i think this tactic will be risky with this individual because of his credit and the nature of work he's in (construction were some parts of the year your without work and tring to collect unemployment) so this is what i plan on doing, i first plan on putting together a list of questions i must get answers to at the tuesdays meeting i plan on having with them, then i plan on explaining the whole foreclosure process to them and the uphill battle they face (which i hope will change their position about not wanting to sell their house under any cumstances), then i plan on making a smooth exit and letting them know i'll be back in contact with them to let them know what i think their best solution is to solve their problem (this tactice is to buy time, so i can really cruch the numbers and speak with others to really figure out the best win-win for everyone, thats if their is a deal their)if anyone has any other suggestions please let me know

Stuff happens.You can pull the offer and then submit a lower one or something similar to get there attention.At the end of the month or the end of the financial quarter they bank might be more motivated to get a deal closed.

Don't think about it so hard, be yourself, and things will start to flow naturally.

My other question is when setting up these types of deals it seems more suited especially with the current market to hold on the properties and rent them out, but is this feasible because of the nature of the financing of the deal.

Once you show your teeth and that you will not put up with late rent they will either pull their finger out or move on.4.

Should I spend any more money or just pull the trigger and go down fighting.

I would want to pull out money invested in the rehab to be able to continue on other projects.Would it be best to refinance the entire project?

If you pull cash out, you're going to make your monthly loss worse.A property that is worth $124K and rents for only $600/month is a bad deal.

I am a creative person who naturally thinks outside of the box and this is obviously a great fit.

The point of the story when the curtain is pulled back is the wizard is not a wizard.