Make sure you have an emergency fund in case this happens to you. the good news is, we can lower cap ex to a much lower percentage for the next couple of years but it wiped away a lot of our savings while we were there.

(Both will get wiped out if the deal goes south)

They seem to be like unicorns.I don't seem to find anything tangible to grab hold of or follow to actually get the ball rollingBoth my wife and I are going at this entirely alonewe just need a little wind on our backsBe proud of the progress you've made, know that you're taking the right baby steps by posting on BP, but tweak some of that language that you use for yourself.

It's like posting on a public forum: how do you know when it's time to have a baby...?

The foreclosure, since it didn't name the owner(s) of the 25%, didn't wipe out any debt or liens in the name of the father or son.  

If you were a builder or wanna build your own home, the city can wipe out the nuisance liens if you spend $60K on construction.

Since this is my first deal and most likely the one I will learn the most from; other than wiping out my entire savings for the down payment; is there another way to structure this deal?

Also account for CapEx - it's really easy to leave out, but a major repair or new roof could easily wipe out 1-2 years of cash flow.

It seems like everytime things really start to take off a recession wipes everything out.

A mistake or two may wipe you out, and with a bad experience you may be inclined to either give up or simply won't be able to participate in the game due to the lack of capital.Operating remotely takes a lot more time and you will have less control over small things that matter.