If the seller has knowledge there was/is water in the basement, whether it's fixed or not, they need to disclose. 

As far as haveing or creating a double mortgage that is most probably a no no but I would consult with a knowledgeable attorney even though I feel I am probably right about a double mortgage not being acceptable.

Hey Guys.Alright some Advice from those of you with knowledge in the field would be appreciated here.I have my mind set on getting my First Flip Done.Problem is like many of us here, No capital to fund it.So i was thinking,A) Get A HML just for the Down payment of the house and Use an LOC to fund the rehab?

Just do the extra research and figure out if this is the one.Cheers! 

But I'm not even that far in knowledge yet. 

It may sound nice to pay a 5% management fee but the extra fees can add up to be more than the other company that charges 10% with no add-on fees.

There is not typically an inspection clause.....read the auction terms, talk to a rep.....do Not use their title co. for the “free” title insurance, it isn’t really free as they tack on a bunch of junk fees and their title insurance typically has extra exceptions in the B Exceptions.

That will usually tell you right away if you are dealing with a "Salesman" or a source that has in depth knowledge and experience in that specific area. 

If there are any local members I would love to talk and hopefully gain some knowledge.

If my closing costs would be reduced if the seller agrees to carry a note in lieu of a traditional mortgage, can I offer a bit extra on the purchase price?