I just did not want to violate any kind of law.

I have roughly 5 years of formal work experience with different aspects of default real estate, although most of it is with paralegal style work, as I was at a default-based law firm and now am working at a bank in different servicing aspects of foreclosure (residential).Investing in default properties has always interested me, so I may begin there, but I'm here at BP to learn as much as possible to make my first deal a successful one.

After a year, the utility company requires air pressure tests, permits, meter/safety checks and who know what other hoops I'll discover and jump through.

The tax sale would wipe out any lease (I presume - depends on state law).

You should put a financing and appraisal contingencies in the contract for the new home.4- Assuming you (and your family) are going to live in the new house there are a whole slew of other items for you to consider ie: school district, neighborhood safety, travel time for work, etc.I wouldn't worry too much about getting a deal on a house I'm going to live in unless it is for a very short term.

the 2% rule.... it is not 2% rule of law, it is 2% rule of thumb.

It will be local laws and regulations.

Bob never has the knowledge that agent z was an owner in the LLC and b/c of agent z's advice to take the offer bob took under market value for his property) A scenario like this is totally against license law.

@Kevin Lopes I'm not Atlanta (I'm in PA), but my understanding of PA law is that if there is an existing lease and I purchase the building, I have to honor the lease.

Just be careful about fair housing laws, as this strategy gets tricky if you ever deny renters to try and hold out for a buyer.