The FMV if in good condition (according to my comps) is about $125,000 - 130.

hello everyone i need a little help in figuring out what i should do next in this pre-foreclosure deal that has came to me.well first off the way this deal came to me was i went to my local sheriffs dept and picked a list of the foreclosures, i mailed them all a letter stating how i can help them and etc.well one of them actually called my number and left a message, so after two days had passed (yah i know i was nervous and etc) i had called the homeowner who left the message.so i started speaking with the homeowner and started building rapport and etc. well anyway the homeowner was very upset and told me from the start that he doesn't want to lose his house (he has four kids), he told me he had got a mortgage on the house for $180,000 and now he has it paid down to $90,000 (so there is alot of equity there), the property is also in perfect condition, he also told me that he had fell on hard times because he works in the construction business and he had broke his wrist and something else and was out of work for awhile.then he told me that he was back on his feet and has been working now for a year, but the bank doesn't care because they want all of the back payments and etc up front.......so i told him lets setup a meeting at his house this tuesday to go over all of this farther (but i told him i will not be giving him a decision at this meeting, that will come later, i did this to buy some time and etc)so anyway, what should i do?

I imagine that would also vary ased on the type of housing, current condition and age.

Given market conditions (very slow compared to 1 year ago, very few buyers right now) he will take $270k cash from me.

You need to find a lawyer who specializes in evictions and get the ball rolling.

(My oldest dd works for a RE lawyer)The dollar houses I want to deal with are lower.

Pat Tarr, who is one of the leading asset protection lawyers in the US, has said that you should never be a one person LLC (even if it is allowed in your state).

As your taxes are based on "sales price", you have to justify, with affadavits in many cases, purchase prices that are at variance with local market conditions.

A DBA won't provide that protection.Not a lawyer and don't play one on TV.

We negotiate all kinds of conditions that protect the investor.