Wow thanks for the replies guys I must have a lot to learn..I thought the 2nd deal was favorable because the only expenses I would have is insurance and property tax...plus the renter has a lease until 2014 and is willing to sign a long term lease upon change of ownership..there so many formulas i feel like i'm in math class...i guess i have a lot more to learn..can someone point out why prop 2 is bad?

I agree with Adrian that IL makes it too cumbersome and competition in the northern counties tend to be "interesting" since Chicago politicians have a lot of "friends" that need favors.

Things look favorable to me though.

They are definately in favor of it, but not sure how that works with commercial properties.

There are many authors out there who make it seem very easy and glamorous, but there are some harsh realities when it comes to REI, and these guys do their readers a favor by pointing it out.

For once being poor worked in my favor.

Your agent should be on the phone letting the selling agent know that there's a bonus for him/her, that you're flexible with helping in closing costs, etc.You need to tip the scales from 50/50 to heavily in your favor, and this is an opportunity for your agent to step up and do that!

Buying a home first will allow you to get permanent owner occ financing at favorable rates.

Do us a favor and submit a profile picture.

Understandably, the owner doesn't favor opening up finished sheetrock if its not necessary.