If my calculations are correct new profit would be around $40KDoes this look and sound correct.Any assistance would be greatly appreciated.

There for some sprucing up could make for some nice profit if its bought under market value.I've asked some of the neighbors about what happened to the family and they don't really know where they went.

I am looking into doing straight rentals where I can actually turn a profit.

This also holds true for when you need the payoff figures.All and all it is difficult to find these deal, but when you do and you get them to go through it makes for a very low capital, profitable deal.In my opinion you are much better off finding a property that a seller owns outright and is willing to sell with financing.

thank you both for your wise words, well anyway i guess i'm just so anxious to do my first deal. especially a deal like this were the homeowner is in distress and states to you how much equity is in the property (i know i'm a beginner, but i don't see how he'll benefit by lieing to me about the amount of equity in the property, because he already stated he doesn't want to sell the property, and i already stated to him i'm gonna view the property/mortgage paperwork)well anyway i must say i agree with you both, from first look it seems the best way to do this deal (thats if all the number are right) will be to purchase the house for the amount left on the mortgage, and give them moving cash and etc (this way i'll have alot of instant equity within the property, which i could either wholesale to another investor or put it on the market at a small discount and sell it retail because of the properties perfect condition, then i could even try a short sale to build up more equity to make the two above tactics more profitable for me)now the only tactic i can think of that would work, were they will get to stay in there house and will be profitable/beneficial to me as well is to then purchase the property real cheap (whats owed on it) and offer to lease option it back to them at a higher interest rate and at a higher property price, but i think this tactic will be risky with this individual because of his credit and the nature of work he's in (construction were some parts of the year your without work and tring to collect unemployment) so this is what i plan on doing, i first plan on putting together a list of questions i must get answers to at the tuesdays meeting i plan on having with them, then i plan on explaining the whole foreclosure process to them and the uphill battle they face (which i hope will change their position about not wanting to sell their house under any cumstances), then i plan on making a smooth exit and letting them know i'll be back in contact with them to let them know what i think their best solution is to solve their problem (this tactice is to buy time, so i can really cruch the numbers and speak with others to really figure out the best win-win for everyone, thats if their is a deal their)if anyone has any other suggestions please let me know

im curious as to where to start and what things i need to do to make sure everything leads to profit.

Would it be sustainable, profitable on any level?

That way you know what your profit will be and you do not have th front the cash.It will depend on their motivation and the competition as to if this will fly.

now that there are a sky rocketed rise in foreclosures do you think shortsales will still be profitable as they were a while back?

I know people are making money in real estate but I also read the post where the shows on tv are not telling the truth and the profits arent as big as they say, I also have friends who say they make a ton of money in this.