:)I think federal law trumps state law if it is more stringent in favor of the bonafide tenant and vice versa.

Most auctions love investors who come with a suitcase full of cash ready to close, and most auction favor them.Joe Gore

They may frown on it in theory, but in actuality you'd be doing them a favor by exercising their valve for them :) I'd bet that they guy they would send out to do it for them wouldn't mind you doing it.

If the appraisal does not come back in your favor, then you might consider approaching your tenants(if they're really good tenants) and see if they might be interested in a rent to own deal.

I'm sure their are those that would argue in favor of this approach; after all, Aristotle did say, "What we have to learn to do, we learn by doing."

S.D.the ideal business structure consists of two entities:operating entity: that has possession of the assets, but does not own the assets (unless they are encumbered in favor of the holding entity or owner), anda holding entity that actually owns the business's assets.It's true that this multiple entity approach takes planning and expert advice so S.D. please get it.

The area, specifically the block in question is full of multi-unit rentals so though I understand it's not a guarantee and I definitely want to continue educating myself on the process, so far I'm comfortable enough with the risk involved due to the zoning being in my favor and the fact that the type of property I would like to build is not out of line with what's already in the area.

My budget is limited which does favor my initial thought of going the wholesaler route.

Now, the property was going to go up for auction as short sale in a week or so but my father has postponed it to early November.How do I go about profiting from this favorable spread?

I came across dohardmoney.com and found their loan programs to be very favorable.