Disclaimer, I am not a lawyer, I just syndicate. 

Am I the only one (I am sure I must me)... but every damn time I try sub to, no lawyer wants to be part of it, and no banks support it, NOTHING does?!

For those, you'd be on the higher side of 5% including notary and lawyer fees + the cost of opening a trust if you need one.

But i will look further into your advice and yes i will speak to a lawyer shortly to get a better grip on how to structure the deal. as your friend mentioned yes jersey politics plays a role as one major reason the owner is finally selling is he has pissed off many important people in the community as he attempted to open a new place and went up against those in power instead of working with them... so we feel he knows there can be some pressure on teh existing bar. that being said the community would probably be happy to see him go and accomodate the new owner.

There was a day that we thought we could never 'fall' but the world has taught us different.We have had a real estate lawyer, but she wasn't foreclosure specific.

It cost me $500 for lawyer, plus expenses(sherriff's).

To me, getting into the home rental market didn't necessarily 'build my experience' but rather allowed me to do things like start building relationships with banks, escrow's, lawyers, CPA's, while also helping me ask better and more direct questions.

The info online ranges widely on this topic as does the info we have received from lawyers and accountants.

You could consult a lawyer who is familiar with the auction process and get some advice.

Everybody on here will say "consult with your lawyer" ANYWAYS however I know some who haven't just because a "guru" or somebody else has told them that their contract has already been reviewed.