Not completely clear on how hard money lending works, but it would just basically be like a 5 years loan with the building as collateral.

Scott, just noticed you're in Michigan as well, it's a typical bungalow here, the master is smaller sized and the closet will be basically sacrificed for the bathroom, maybe what would be left are shelves and I could provide some of those hanging racks for clothing storage

Does anyone have a trick or a formula they follow when just reading about a property in a real estate magazine.

Basically would like to have everything covered, and because this is my first I'm sure i've overlooked/missed a good amount of things.I would also like some guidance on how to go about offering for this property.

To me, this is basically break even.

After you learn the basics then you can listen to all these folks and listen to the sizzle of the sale, the how to techniques that some use.Otherwise, you'll have things screwed up for years or fall into doing some flim-flam type deal.Read the forums, then the blogs, IMO

Basically just the amount I'm offering with documentation as to how I come up at that amount, as well as a copy of the title research which I already have done.I've spent most of the day reading the files from the previous owners bankruptcy.

Our stories are a bit similar however I just didn't have $50k to invest in "real estate college" basically.

No fancy strategy just good sense and basic math and replicate..

Basically say a 100 unit subdivision has 50 houses sold and constructed.