Hello All -I've run out of ideas on how to pursue the following 'stale' short sale in my neighborhood after hitting numerous dead ends, and thought I would see if any of you had experience/insights from other experiences, here are the main points:* Marketed in 2012 as a short sale, was pending but fell through* Shortly thereafter owners divorced, and one was sent to prison (still is in prison, and has declared bankruptcy).

To you point on changing terms, if a previous owner made many errors in their management practices it is my responsibility to correct these errors.  

In this spirit I now have developed numerous friendships, looked at some deals with others, and helped them in there journey.

ARV:*Costs (30%):Repairs:MAO:Starting MAO (-15%):Formula: ARV – 30% – Repairs = MAOTerms:ARV – After Repair Value.This number is derived from Comps, CMA’s, and other appraisal tools.Costs – These are the costs to get into (and sometimes out of) the property.The table below depicts the cost breakdown.Costs are as follows:Buying Costs(3%)Carrying Costs(3%)Closing Costs(3%)Margin Of Error (1%)Equity Or Profit (20%)Repairs – These are the estimated repairs.Use the supplied Rehab Worksheet to get your initial estimate.

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I just wanted to get people's opinion here.Residential has numerous advantages - easy to find tenants, Fannie Mae offering long term loans, etc.

My understanding is that the 100 year flood zone is designated "A" and there are numerous sub zones within the A zones.

If so, I would say this is their screwup and the kind of thing their errors and omissions insurance should cover.

I'm hoping to get a little insight and/or suggestions dealing with MLO's.I primarily do lease options & I've been contacting numerous loan officers/brokers explaining that I'd like to send potential clients their way & that I'd like for them to run an initial credit check to see if the tenant/buyer could qualify for a mortgage within 12-24 months if they took the necessary steps to clean up their credit.  

In my case I've had about $850+  in repairs so far and that emergency fund really helped out.I'm planning to buy another rental property next year to aggressively build a early retirement fund and college fund for our child.Buy and hold and as time goes by you'll also find a mentor, someone who owns numerous properties , they can be very insightful for any beginner in realestate.