I believe I have enough knowledge to at least go out and try to get started, along with all the other real estate knowledge I learned since I was young.

Since these are investments and not owner occupied properties, the lender may well try to come after other assets.A talk with a knowledgeable real estate lawyer might be in order.

It is good having you on board and I hope that you can share the wealth of knowledge that you must have with the rest of us.

The ARVs for condos in the area are roughly $230k for extensively renovated condos (which we would evantually do.)

It sounds as if you have pleanty of knowledge and practices to share!!

Iam going through an arduous process with WAMU myself.My case:I have a Condo (primary residence)1st and 2nd mortgage with WAMUtotal owed: $680KI knew I would get into trouble because my business went flat a 5 months ago and my cash reserves are being extinguished.I downloaded the information from WAMU site and submitted a complete package with an offer from a neighbor that is interested in buying the property if price is OK.I submitted ALL documentation to WAMU with the offer, proof of funds (50% downpayment) and prequalification for buyer through Wells Fargo.Offer $375,000 - prices for 2003 as per tax records.Nothing has been sold recently (18 months frozen market).WAMU sent an appraiser on Sept 02 and by Sept 04 the appraiser confirmed that the report had been submitted to WAMU through the third party company that manages Appraisals requests (REM).I have the name, extension number and e-mail of my negotiator but it has been IMPOSSIBLE to talk with her or to get anything from her.Her last (only) e-mail on the 23rd said that she didn't have the apparisal report (I tried to get to her to try to resolve it, but nothing back).Now she is in vacations until the 14th.I had been on time for my payments until August.I haven't made my payments for September - cash reserve extinguished.When will this default start affecting my credit score?

I would like a partner to split the risk and also because he brings maintenance knowledge to the table.

I really appreciate the knowledge and links, and thanks a lot for your time.

I'm not very knowledgeable about the various loans, I just stick with a 30 year fixed.

I don't know if I have enough knowledge to do so.