I put a bid on a property and they want 10% of the bid price as a deposit and they want to fine me $100 a day that I don't close on the closing date (30 days). and they want to put a 3 month deed restriction on the property that I can't make over 20% of the cost I payed for the property.

After ruling out the stock market (too much to start investing + too high probablity of loss) and opening a home business...

If the rules were changed to allow direct bids from the public I wouldn't need an agent/broker at all.Most of the folks I know negotiation lower commissions with agents/brokers as part of their deals now.

I can hire pretty skilled labor for $9/hour down here and WE DON'T BUILDING PERMITS OR INSPECTIONS, and I doubt I could do a second story, add a bath for much less than $48.Regardless, $215 + $48 = $263, the RULE OF THUMB on rehabs is that your acquisition cost plus your rehab cost should not exceed 65% of After Repair Value (ARV).

Institutional lending is far too restrictive and time consuming, thus my need for an investment partner(s).Here is a description of my immediate need:Area: Aurora, IllinoisSales price: $125,000After repair value: $160-175,000 (CMA's from local agents)Repairs 90-95% completed by sellerClose: Tuesday, August 15 (one week from today)I have been working with an institutional lender on this but am running into "chain of title issues" because it was bought as a foreclosure by the current seller recently.

Rule 1 of landlording; THE LANDLORD IS IN CHARGE.

A seller becomes extremely liable (upto $250 per day from the day of closing) if stringent rules are not followed precisely.

I am currently evicting Section 8 crack smokers, and liars who keep moving other people in to live with them even though it's against Section 8 rules.

If so, are there any rules about (is it unlimited up to your entire tax liability)?

Institutional lending is far too restrictive and time consuming, thus my need for an investment partner(s).Here is a description of my immediate need:Area: Aurora, IllinoisSales price: $125,000After repair value: $160-175,000 (CMA's from local agents)Repairs 90-95% completed by sellerClose: Tuesday, August 15 (one week from today)I have been working with an institutional lender on this but am running into "chain of title issues" because it was bought as a foreclosure by the current seller recently.