In other words, if you are going to target REO properties, your offers should be all cash, very quick closings and you must get your hands on them BEFORE they hit MLS.Or you can target distressed homeowners (motivated sellers) in danger of foreclsoure or behind on their mortgage, job transfer, divorce, etc.

But first I'm going to check with my contractor and make sure his foundation guy is not only reputable but will warranty the work and transfer to the buyer.

I've just been using the freedomsoft purchase agreement template that it generates for you in the system.Inspections: This contract is contingent upon the Buyer's inspection and approval of the property prior to transfer of title.

Additionally, "closing costs" sometimes is a catch all phrase and includes all things paid for which might be commissions, title, transfer fees, seller concessions, taxes, etc.

The appraisal I received was based on it's rental value, but the comps for the same size property are between 215k-224k, so lets say I sell it put it for sale at 215k in june, pay all closing costs for the buyer, and pay for the HOA transfer fee, it should come out looking like this:Sale: 215KCommission: 3% - neg 6450HOA Fee - 7500Closing costs - also about 3% so 6500 approx.

As soon as I transfer to a new company I plan on emptying out my 401K (largest part of my net worth on paper) and rolling the funds into more RE or even a business.

Jake, you said there were tenants in place so also make sure you get the security deposits transferred over and copies of current lease.

The act did not as far as I can tell address what happens with 1031 transfers, so it is an unknown.

I couldn't get safeco again, unless I transferred all my policies with them, which I don't want to bother with.  

My husband and I got started by buying personal properties and than renting them out when we were transferred.