I can't think of any attorney that would attempt to foreclose on an association that is dissolved.

@Dawn Roof I would be very skeptical about this deal considering A) they won't let you into the house until an "offer is accepted" and B) they won't attempt to provide you with any sort of rental history.  

Sorry to hear that your first attempt hasn't gone well.

We prisoners ... err, citizens of Bruce Ruiner's kingdom (the brash knave attempts to wrest control from the evil dark Lord Madigan, despot of Springfield and take those riches for himself) would kill for taxes that low!

I am attempting to "run the numbers" to see if these deals make sense but I am so new to all this and there are many things that I do not fully understand.Can someone give me some advice on what I should be looking at or how I should be calculating my expenses vs profit.

What type of notes/investing were you attempting?

So is it the case that you would attempt to refinance for 70% ($70,000) of that value meaning you would get a check for $10,000 that you could then use for future investments?

Of course you can attempt to go the inexpensive route and purchase existing plans or have the builder draw them up (if he provides that service) but your construction costs alone (not including soft costs) will be at at least $300/ft.

It's because I come into these forums and get educated from the real, on the ground investors that I had the confidence and (half a brain and) the courage to attempt to put this deal together.

If I were the seller and I was carrying 80%, I would dump you as a buyer if you showed me a statement explaining you were getting your down payment from a bank loan.If you are attempting to walk the seller through an evaluation, get a feel for how they evaluate first.