Hello BP,I'm negotiating a sales contract for a property located in 21229 area.  

I do old fashioned way, buy paper and electronically research each one, we have been refining a list of about 5,000 for this years sale...

Contact them and tell them about the property you have for sale in their neighborhood. 

Contact them and tell them about the property you have for sale in their neighborhood. 

Then, after the sale of this other house which is worth 100k, he would give me the other 40k.

Did you require a personal guarantee or have some sort of due on sale clause similar to what a commercial promissory note would have?

Seller will call when title is clear and won't if it doesn't clear the ones that end up not clearing end up tax sales....now those have some spreads in them (and all the investors said amen)......idk just my personal opinion on it......we put in 40-50 (of those 2-5 get accepted) offers a week.....if can't clear title I need my earnest back for another deal....I always let them know to call me if they get it sorted out.....

Is it better to pay extra toward your principal portion of your mortgage per month OR is it better to save for your next rental property?

@Andrew R. the NRW 91-01: Withholding on Sale of Real Property by Nonresidents is a good link - I went to bookmark it and found I had already done so in 2012 :)My understanding is that it's "withholding" meaning the seller may get some or all of it back once s/he/they file a tax return in Rhode Island for that year.Also a close reading mentions a possible exemption for sellers 55+"In the event that the sale of the property by a nonresident will not be subject to tax under Sections 121 (One-Time Exclusion - Over 55 Principal Residents)... the nonresident seller must make the gain election and file the RI Form 71.3 Election even though no withholding need be made""If the property Martha was selling was her residence and if she otherwise qualified and intends to treat the sale under Section 121 of the Internal Revenue Code (one Time Exclusion Over 55 Principal Residence), she would still have to file the election form 20 days before the closing but would complete the election form and use the special types of transactions area on the back.

Would my downpayment include a portion of the CC?