You may get all the way to the closing only to find out that there's no money to close the deal.Most of them will also try to box you in with short repayment periods that are difficult to achieve & if you dont repay within that time will charge you ridiculous penaties or want a large percentage of the deal. 

It is still is in the first 10-day period open to owner occupants/ teachers/ etc., which would give me an advantage before other investors can snatch it up, and it would be my first home I've ever purchased, if that counts for anything.

If there is no lease, they are on a month-to-month or what's called a periodic tenancy.

The property is a Short Sale.PP-$275KARV-$410K - $430K (most recent comp sold for $457K 2 weeks ago)Estimated Rehab Cost - 60K (unable to walk the property until the offer is accepted) Holding Cost - $1200 Per Month (6 month estimated hold)Buyers Closing Cost - 3%Seller Closing Cost - 3%Realtor Commission - 5%I am looking to get the loan from a private investor and will be looking for the loan to cover purchase, rehab and holding cost.  

Thanks again for the great response and hope to share my 1st success story shortly. 

If you do decide to stay closer to Dallas also consider being an early adopter of short-term furnished rentals (i.e.

It's an option but I wouldn't recommend it unless you are fairly confident you can move the property in a very short time frame. 

I am surprised from the short time I have been reading the daily discussions on BP by all the new prospective "investors" who want to jump right in without testing the waters around where they actually live.

The rental income falls about $200 short from covering my monthly mortgage payments.

Im just going to keep this short and sweet.