which we are assuming is a big no.Is this typical behavior for a place selling real estate for a bank?

You're paying retail for a property that's almost certainly going to lose money each month and in an area (Las Vegas, I assume) where there's likely to be more price declines.

I'm assuming another investor purchased the tax lien for 1.5%/mo. interest.

In all the deals that I run the numbers on; I have assumed that I will have to put 10-15% down and finance the rest at a 30 year fixed @ 7.5%.

i have never done anything with property managers but i would assume you would need a property for them to manage. but i would also talk to them just to see how they are

The following definition can be found on all of the standard FNMA appraisal forms:DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus...In an appraisal, the appraiser gives an Opinion of Market Value.

Assuming you don't go up in total amount borrowed (or total loan length) from house to house, and assuming you are making a true profit each time, and assuming you apply that profit to the mortgage, then yes, you will pay off your house more quickly.For this to work, though, the profit needs to be from your improvements (repairs) and not appreciation.

If she asks you for money for a down payment that would not seem right.She may ask you for some money if you need to remodel it, however you both should have a detailed plan listing what you are estimating you both will have to spend to get the house into the shape necessary to sell at a profit.Its a tough call as you only known her 3 months I assume.

250 ARV by comps in the area. one of my questions is do you ad the 185 loan balance to the reinstatement fees. i would assume that the bank still wants it's money. trying to calculate the cost of buying the property.

Regardless, since you will be buying once, then selling once, your round trip commission cost will be about 6%, assuming use of agents on both sides.On top of that, there are other hard costs - title insurance and inspections, in particular.On top of that, there are *soft* costs - things that both you (the first buyer), and the second buyer (the one you sell to) must do - due diligence to make sure you're not being hosed by a bad house or a bad deal.