I'm also very skeptical of the HUD deals getting swooped up during the owner occupant period in Chicago.

Fluctuation, zoning, REzoning, demand, topographical data, etc...To give you simple examples as to how big of a spread between one deed transfer and the next; I have seen land that was bought for 1.25M only to be resold for 80K, a multiparcel that previous owner bought for 500K resold for 5K, etc...Bottom line, in REI land is by far the most rewarding yet the most devastating of investments; and, since you're new to real estate, I think it's best to read about it and do extensive research first and foremost.

I have been finding my deals from MLS through analyzing lots of houses (I mean lots, almost every house), having my own data analysis tools, looking at lots of houses, finding out the sweet spot during negotiation with the owners and/or giving them some incentive during closing (faster closing, waivers etc. ).

Hey BP Community,Lately, I've been reading up on Owner Financing, and I have a few questions I'm hoping the community will be able to help me out with.Just as a side note, the property is owned by an out of state owner and is free and clear.Questions:When purchasing the property, how does title ownership work?

Unless the contract prohibits the owner from living in it-the statement that it is an "investment property" has no legal ramifications, I think.

No negotiations can occur until after it is listed,the owner supplies all the required short sale documents, and a purchase agreement with a buyer, that the bank deems legit (POF, etc.) is submitted.  

More than likely current owner doesn't want current tenants to know property is in transition until last possible moment.

One subject I can't seem to wrap my head around is how a property owner chooses thier price and cap rate?

He has 2 surviving kin, one of which is institutionalized, and I'm fairly certain his (middle aged) daughter will want to sell.What makes this a possibly great opportunity is the fact that he was the first owner of the home, built in the late 50s early 60s, and owns the property free and clear!

Then I take a tour, then I ask if he/she will consider owner financing or a lease option or (insert form of financing here)?