Be sure to check state and local law to ensure that any late fee is permitted.

You still may be required to file for a claim on sale surpluses but with a cross claim you ensure you are noticed of the proceedings and actions in the case and the court knows explicitly who you are.As far as what to do.  

I just don't want to see people make such large goals without ensuring they understand that to fall short or miss goals is simply a set back and not a sign to get out of the industry.

Your time here will be well spent.Since you didn't mention a niche of interest, I added three links below for your review and selection of one or all.http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property)http://www.biggerpockets.com/renewsblog/2014/01/07/flipping-houses/ (step by step guide to flips)https://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/ (Ultimate beginners guide to wholesaling)Now that you have made the move, below are some links that will help with the navigation of the site. http://www.biggerpockets.com/startherehttp://www.biggerpockets.com/meetSetting up Keyword AlertsHow to Use @Mentions on BiggerPocketshttps://www.biggerpockets.com/ruleshttps://www.biggerpockets.com/inviteshttps://www.biggerpockets.com/forums/categorieshttps://www.udemy.com/biggerpockets-real-estate-investing-course/ (video with 64 lectures and approx 6hrs of material)https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)Before your 1st purchase, please ensure you visit the below link for some tips.https://www.biggerpockets.com/renewsblog/2014/12/19/real-estate-investing-success-smart-tips/REI books suggested by BPershttps://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REIs)http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?

The terms on the seller financed portion has a 3 year balloon but the bank has agreed to roll that into their loan automatically in 3 years to ensure I don't get stuck not being able to pay back the owners.

Be extra careful to ensure that the work done was of high quality.The point is that there is always a story involving any seller and any property.

We've been working to ensure something like this can't happen again, but this is the first attack of this kind we've faced in the 10+ years the site has been around, so we're in the middle of working on countermeasures.

My credit is good, DTI is excellent, and I am working to ensure that I have 20% to put down, plus closing costs and funds for renovations.

Amongst other things, your management company should be responsible for: Liaising with your tenant Ensuring they pay on time Organizing any repairs necessary Communicating with you on a regular basis Paying you the balance of your rent Providing monthly statements Placing new tenants.A professional who manages your portfolio and your tenants well over a number of years is worth his or her weight in gold.

Should I run more number to ensure this is worth it?