I'm certain this is a good deal but I'm a bit apprehensive because, for 1) its outside of my Houston area Market so overseeing a rehab would be quite difficult 2) With such a large home we would face some financial challenges with doing a complete remodel.

Worst case scenario is that this one of the  Frankensteins where it is half manufactured home, half stick construction added after the fact, and no one but hard money will touch it. 

We had to get the food out of the house first and had no way to separate it (no containers and no rooms by the road for separate piles).

The use of leverage, while adding some complexity, can result in significantly higher cash-on-cash return as opposed to all cash purchases.  

These clauses are contained, in all Promissory Notes nowadays.

It was originally a duplex, but additional rooms were added.

The following are some of the numbers on the home:Asking Price: $325,000Tax Lien: $66,600Renovation: $50,000ARV: $480,000Rental IncomeUnit 1: $1,650(Unit I will be living in)Unit 2: $1,650Unit 3: $1,100Unit 4(Unit to be added in the basement): $950Total Rent: $5,350Taxes: $11,600I think that most likely, I will have to pay cash for the lien before we can go forward with the FHA loan on the actual purchase price and rehab of the home.

My 5 year goal is to become a professional real estate fund manager.I happen to live in NYC where there is a large concentration of people with 7 figure incomes who often have a difficult time obtaining a more than nominal return on their at-risk/disposable capital.

One point though with newbies in CA, is that, they're scared of the large entry amount.

I removed non-useful items and added some bold:"5.