You mention the owner has paid $70k on the mortgage but that isn't a number that matters (since who knows what interest rate he's on or if he's made any extra payments), what matters is what the outstanding balance is on the mortgage and can you offer them a purchase price that is A) Fair to the owner, B) Helps them sell with some amount of equity and C) Gives you room that it financially makes sense.The numbers change based on if you want to flip it or rent it, making the question "does it make sense" different based on the direction you choose.In short, I have no idea how much I would offer...

Look into getting an FHA loan, talk to a lender and see what you might be missing to qualify.. might need a little more income or more credit, a good lender will point you in the right direction if you couldn't immediately qualify that is. 

Search for @Kweillin Gordon on here and see if he can point you in the right direction. 

I may be able to point you in the right direction.

I think all you need is a title company to close your transactions - no don't need an account at this time - most title companies have lawyers to close your transactions -You should make sure that you buy real estate at a giant discount - Understand the management process - learn how to be a good landlord - a tenant is a customer - the tenant is the person who will pay for your mortgage - treat them well.Find discounted real estate from landlords who find themselves in rent court -Start to deal directly with owners - I don't think you should depend on agents selling retail properties - you need to go under-ground for great deals -Tax salesPublic AuctionsRun print ads and radio commercialsInternet - 5 weeks ago I created an internet site - I have received over 200 leads - have 70 offers out there and 15 ratified contracts - learn those systems and you will do well.Expired listings - go knock on some of those doors - an expired listing is  FAILURE of property to sell - I am sure the sellers are not happy - go find them and solve their problems.Direct mail to commercial properties owners - commercial buildings can be  great profit center - when you advertise for real estate - signs - internet or mailings always advertise - WANTED REAL ESTATE - houses - commercial and non-conforming properties - all cash -as is - no commission.

This way I'm not costing every applicant money just for applying.

HiI am from Northshore Chicago,would like to invest in  property went from short sale to direct into auction ,but don't the process of auction very well.

I was hoping someone here has direct experience with a roofer in ABQ that they can recommend.Thanks in advance,Casey

Cap Rates really don't apply until you get into scenarios where there are multiple streams of income on a property.

With truly self-directed Solo 401k you don't need a custodian so all those fees are completely eliminated.