I own a 1 bed/1bath condo in the DC suburbs. I bought it for $227K in 2007, with about $48K down. I refi-ed a year ago to a 20 year/3.875% mortgage. When I refinanced, it appraised at $190K. My current mortgage...

I am interested in seeing how I can start a part time rei gig while in my present situation.

Marie Poe gave you a great example.When I approach this type of situation I like to have more in depth info before I propose solutions to the seller. ( sellers expectations, wants & needs, current rent, market rent, expenses, existing loan balance & terms etc.)It would be cool if this transaction could be done using your IRA (or someone else's) to buy an option.

But for the loan to value in your situation, they might decide to use the purchase price as opposed to the appraisal value.

We are in a similar situation right now and am hoping we are working around it right.

She didn't seem terribly knowledgeable about what she did, and I suspect that it's going to be on me to find out how to rectify the situation if I want any chance of a deal.

Ok, So I'm in a situation where I'm short on time but might have a great opportunity.

At this point I'm reading a lot of books and stumble on terms and situations pertaining to real-estate that I don't understand and I was thinking maybe the classes would catch me up to speed on that stuff and wanted to run it by the forum:)Christopher

Very interesting situation.

Things seem to be going so well and I don't want to proceed with this situation and it need up badly b/c of a poor choice on my part.