In event purchaser fails or refuses to comply with terms of sale within 20 days from close of bidding, deposit shall be forfeited and applied first to costs and then to Plaintiff's debt , and the Master shall forthwith re-advertise and resell said property upon the same terms on some subsequent sales day at the risk of former purchaser until obtaining full compliance with sale.

Mine will not consider any financials from non conforming units, and will give you a difficult road to obtaining financing.

Furthermore the gross rents in comparison to the mortgage are typically much stronger and when you exit that property it will make it much easier to obtain financing on another property.

I'd also suggest you look at a the 80-100K, maybe 125K initially, easier to obtain financing, better collateral/marketability and chances are, you'll be moving which could put that home in a rental inventory later on.

In states that do not require judicial foreclosures, going to court and obtaining a judgement, the trustee simply follows proceedures, giving notices and publication as required, set a date for sale and goes to the palce designated and conducts the sale.

Jurisdictions have differing law with respect to priority, etc.I have bought properties for relatives in the manner you are contemplating (I did it in order to give my relatives time to sell a property or obtain financing).

I might still do the sub2 if there isn't enough equity, but the numbers still make sense because it is a turnkey house that I can obtain long term, very low interest rate financing on.

In North Carolina, the first license you obtain is "Provisional Broker".

Minh - I was always under the impression that obtaining a commercial loan was difficult, so that is very encouraging.

Since the credit crisis of 2008 and 2009, homeowners and prospective homeowners with bad credit, have had a hard time obtaining home loans.