I have saved about 25k and been pre-approved for 430K and will be using the VA loan for my first purchase of owner occupancy.

Hello, I currently have 2 separated Pre-approval letters from 2 different lenders. 1 from a mortgage broker and another from a credit union.

I called the county this morning and they said upon transfer I could put down 20% and then work out a payment plan on the remainder which doesn't seem bad at all.

You need to get pre approved first.

@Brandon Rush thank you for the insight - I wouldn’t have thought to compare with comps either pre- or post-BRRR!

Pre-development buying has been around for years, but it's not done with low downpayment mortgages.

Hi Guys,The potential deal here, first time dealing with a pre-foreclosure.Preforeclosure seller, auction due in a week, Got authorization signed from the seller, the bank claims the current arrears are about 52k which sounds steep.the owner did not pay the mortgage for 3 years.original loan is 165k, 3.75% fixed 30 years, monthly payments are $760, so adding 3 years of payments together it should add up 27k of arrears, not 52k.I realize there may be some late fees and attorney fees built up in there,who do I reach out to negotiate those arrears down and how what do i say to make that happen?

It's a great proven way to break into REI.Step:1 Build credit and save for a down payment                                                                                Step:2 Get pre approved for a loan (consider FHA)                                                                          Step:3 Find a experienced agent(ask them what experience they have in investments)                Step:4 Learn to analyze deals and use the Bigger Pockets Calc. 

That isn't likely to work out.

-How did they work out in the end?