Also we were looking into the theory of starting a C-Corp in addition to the LLC, possibly in Nevada or Delaware and assuming our real estate investments turn a profit we could divert some of this income towards the C-Corp as a property management fee.Any theories or experiences good or bad relating to some of this.

That fits in fairly well with my goals for investing in real estate.I assume that these percentages are based on the cost to buy from the first page - which in this case is > $60k.

I know it's naiive to assume that an investor would purchase this house, so I'm kinda glad I didn't make an offer.

(2) the owner of the first lien is planning to bid (but not beyond amount of the lien) (3) second lienholder is not planning to attend (but I assume is protected) (4) "tenant" is planning to bid, wants the house (5) I have told the "tenant" that I plan to bid above the amount of the first and second lien (6) "tenant" is trying to cut a side deal with me thinking he can wipe out the second lien holder (I've said he can buy my mortgage - but I won't do any "deal" which could be considered possibly illegal in terms of the second lien holder).

Graham,Let's all assume for a minute this is 100% legit.

But, to get things started, a general rule of thumb that many investors use for flipping properties, which is what I'm assuming you plan to do from your post, is to only have 65% invested in the ARV of the property.

Judging by the fact you also have septic, I'm going to assume you have well.

Good area with growing population.I'm assuming 10% vacancy rate, 6% property management.

Since I just started with my investment property or soon, my lease will actual be renewed next month, which I assume is too late due to the fact that it may take 2 months for closing.When I got in the investment business, I decided to late and I knew of my situation, so I wanted to put 2 tenants in a multi family and I rent until my lease if fully up, I mean with the property I am looking at will ofcourse provide me some type of cashflow - the house pays for itself and I get the cashflow from the rental income.

Good area with growing population.I'm assuming 10% vacancy rate, 6% property management.