Welcome to the BP community Juan.

@Bill WilliamsNew Mexico is one of about 9 states that has a Community Property right between married couples, which includes ( as I understand it), as stated previously, the home acquired prior to marriage belongs to the individual, not both of you; hence she would have the freedom to sell or mortgage that home anytime, without your consent involved.Any income earned from such a separate property belongs to the individual, but if you choose to share bank accounts and 'commingle' funds, and the house is sold, those proceeds placed into a joint account become community i.e. both of your funds.Community property is acquired by either spouse during marriage, and selling or  encumbrance requires both of your signatures.  

Hi BP community, I need some advice on what approach I should take in order to get this property under contract.

Welcome to the BP community @Tomika Perry You can meet fellow investors by sending your colleague requests here https://www.biggerpockets.com/meet

I am happy to be a part of the Bigger Pockets Community.  

Definitely start jumping into the community here and feel free to ask any questions related to Real Estate investing!

Im really not a fan of your plan, are you unable to borrow at a bank, the Commercial lender at a small community bank generally can close fast and at a low cost, I can do 6 mo ir 1 year Interest only at 4.5% on a 20 year amm, i need 20% down and fund fix up, but they would also do a loan based on ARV, and you put 20% of ARV down an they fund purchase and fix up.   

So I'm looking into other communities.

I have friends who do this and I am aware of some of the issues, tenants, laws etc.

New to the REI community and looking to get some great guidance and advice from the seasoned vets and learn as much as I can.Have been doing some initial research into Multi-family, buy-and-hold, (>,=2 units) in the Chicagoland area (mainly western suburbs, Brookfield, LaGrange, Downers Grove, Wheaton, and the like) and found some units with potential.Here's my current question:I've found a property that I believe has some potential.