As Brandon said, it can be done, but it will require a plan and proper execution of the plan.

You need to wrap the lien ate the price/value is agreed to be.She is entitled to the balance and you need to pay the taxes.

Insurance is pretty regulated, you can look up any insurance company at your state website to ensure they are properly licensed and formed.

One key thing they are looking for are NSF charges and negative balances.

That means he/she has potential and I can groom them on turning that motivated lead into a real deal via proper analysis of repairs and ARV's.Harry - I think you're doing the right thing.

He gave me the proper notice, but dragged his feet moving.

We just want to make sure we have everything aligned properly where neither side has regrets a year from now.

If a property was properly acquired such that purchase+rehab is no more than 70% of exit price, then there is PLENTY of margin to cover the extra 3% to the HM lender.

Freelancing pays a lot more if you're properly motivated and since I know most of my friends work history and know that he is a hard worker who has a IATSE local one union card in NYC, that he will certainly be able to afford the payments.

My question is how do I properly evaluate this property?