I have been involved with a number of transactions where my firm has purchased a note half way through the foreclosure process.You will receive an assignment from the bank you are purchasing the note from and depending on the specific county filing the assignment may complicate the foreclosure proceeding but typically wouldn't make you start over.

You'll complicate yourself dizzy.

Use low money down techniques to acquire your properties and continue with such strategies as you build your investments.

I am newly learning this myself, I don't see why it has to be more complicated than need be.

I used to count it when I was less experienced as an investor (not saying it is wrong...just that I changed) because it made my numbers look better.What I later found is that the tax system IS SO FREAKING COMPLICATED (forgive the outrage ;-)) that I couldn't model the thing very well.

Do you think that this is too complicated for this to be our first deal?

There is no good subsitute for finding good deals using proven techniques, many of which are outlined on BP.

Don't muddy the waters.You may have other problems too, evictions can be more complicated and you might have to foreclose rather than evict. 2 contracts, you can evict and the guy can still have the option!

You would need to discuss this with a bankruptcy attorney.There are other techniques used by tax resolution specialists as well.

They have examples of all their reports on their website, I've included a few here:Home Price Analyzer http://pro.realquest.com/uploadedFiles/Web/18-RQHPA-0509-00%20screen.pdfValuation of distressed properties http://pro.realquest.com/uploadedFiles/Web/18-RQVP4D-0509-00%20screen.pdfDetailed Comparable Report http://pro.realquest.com/uploadedFiles/Web/18-RQHPA-0509-00%20screen.pdfHope that helps, they supposedly use multiple valuation techniques and include confidence levels for each comp.