The house is worth around 200K, I didn't plan on charging interest, just an additional $600 a month for the 20 years.One of my biggest concerns is the foreclosure/Eviction process. 

My team and I have had a good amount of success in the Detroit Michigan marketplace and I am always happy to help or chat about Detroit ! 

The property is in California, where 90-days-late is required before filing a Notice of Default to begin the foreclosure process.

Using other peoples money is a great way to keep you honest on the project as well keep the project out of your pocket.I thought funding my own would give me control but what it really did was hogtie my leverage and made me emotional in my decisions.There may come a time when funding everything makes sense, but even if you do a few flips with HML, you will understand the process, have a foot in the door and be positioned to act on ANY opportunity when it comes along.And having a bunch of your own employees just means that they are looking to you or leaving you if the work slows down. 

So I am in the process of acquiring a new property in a good area that is vacation driven in upstate NY.

(How to deal with existing mortgage during the gifting process... prefer mortgage gets paid off, rather than become part of the gift.)Much thanks

The loans underwriting and due diligence (with the right lender of course) could prove helpful on your first deal.Cheers to getting started and future success! 

I have tenants that have been in the property for more than five years. Recently they have started creating issues. The lease is expiring on october 1. I want them out and not renew the lease. I am not evicting them b...

And, the reason why most people sell the property outright is that there is an immediate need for money, an immediate need for your attention to be with your parent, and no time and money to make the rehab needed to tenant ready the property, much less to learn how to successfully landlord. 

If you have equity the best way to start the process is to do a cash out refinance and pull out some cash to use as a down payment on the new REI.