He made a stab at giving me what I wanted and included what amounts to a vailed threat, that he, and the board, I assume, want to caution me that I should have a legitimate reason for asking for this information and that I had better assure myself I have the support and interests of all the council members..."

In this scenario, wouldn't the mortgage have to be assumable?

i'm assuming it wasn't.and an offer for 92k, sounds like you were buying it for yourself to live in.if you were offering 92k as an "investment", i'd rethink your entire investment approach.

I would assume a loan like this, which maybe is a HML, would be for a short term property you are going to flip because it has a high interest rate.

So Mike would you say that plugging in whatever numbers that come out too approximately 50% percent for the expenses into a property analyzer program (assuming all other factors remaining the same) would that give you a reasonably accurate number of your realistic cash flow on a property?

I only ask because I assume the second lien holder would have time to pay off that loan (which, I'm guessing, might have been their intent behind foreclosing on the second in the first place).

I think it's essential to play it safe by assuming that you will make NOTHING the first six months of your real estate career.

I assume you are buying for cash and there is no mortgage.Like I indicated, selling the property is a timing game to some extent and only by knowing local market conditions can you determine what may be the best time to sell a property from an appreciation standpoint.

Also Antonio, reading your comments about your job and income....I think it would be very wise to make sure you could even qualify for this property assuming your scores were ready.

That $8K will go entirely to capital costs.The (assumed) unimproved land doesn't add any value to the current investment.