Hi Everyone:I am a fairly new investor - 3 months in Minneapolis/St.

This assumes you can find and then sell on those deals.You said you have a fair bit of experience with both wholesaling and with refurbishment projects.

(which is usually well under fair market value - correct?)

Sound's like you are fairly seasoned in the buying and managing of residential properties.

This really sucks if i am forced to get a bunch of 8-9% loans.I would love 5.75% !

The first and the last can help almost anyone acquire a fair amount of wealth.

Is the Fair market value saying that it will appraise for that value?

Nephets,Buying a bunch of rentals is pointless unless they generate real world cash flow.

Not long ago the house was jacked and leveled.I've had a couple friends that have been flipping for years look at it and they both come up with a price of $35-$40K to fix it up.There are some legal issues that have to be addressed first cause there are a bunch of heirs to the property.With that said the price on this house is....are you sitting down???

You just need to be sure this doesn't need a bunch of repairs; that it's not in a war zone; that all your tenants weren't put there last month to make the property more attractive; that all the tenants aren't family members with a 100 year lease at below market rents; that the only employer in town isn't shutting down; etc, etc, etc...Good Luck,Mike