Banks and courts assume you know what you're doing and they are not training ground.Read as much here as you can and work you way up to the big deals and you'll be safe.

Until then, like many people, I just assumed there would always be a paycheck, and that there would always be time to plan for my future.

I'm not sure what exit strategies would consist of but I'm assuming it includes being able to unload the property or offering a lease option?

Also we were looking into the theory of starting a C-Corp in addition to the LLC, possibly in Nevada or Delaware and assuming our real estate investments turn a profit we could divert some of this income towards the C-Corp as a property management fee.Any theories or experiences good or bad relating to some of this.

That fits in fairly well with my goals for investing in real estate.I assume that these percentages are based on the cost to buy from the first page - which in this case is > $60k.

I know it's naiive to assume that an investor would purchase this house, so I'm kinda glad I didn't make an offer.

(2) the owner of the first lien is planning to bid (but not beyond amount of the lien) (3) second lienholder is not planning to attend (but I assume is protected) (4) "tenant" is planning to bid, wants the house (5) I have told the "tenant" that I plan to bid above the amount of the first and second lien (6) "tenant" is trying to cut a side deal with me thinking he can wipe out the second lien holder (I've said he can buy my mortgage - but I won't do any "deal" which could be considered possibly illegal in terms of the second lien holder).

Graham,Let's all assume for a minute this is 100% legit.

But, to get things started, a general rule of thumb that many investors use for flipping properties, which is what I'm assuming you plan to do from your post, is to only have 65% invested in the ARV of the property.

Judging by the fact you also have septic, I'm going to assume you have well.