Here are the detailsOriginal Note:  $48,500, 8% interest, 30 years, secured by first lien on $70k property, typical note terms.Date: 12/9/2009Current Value:  $41,505Payments:  $505.88/month includes $120/month escrow for insurance and property taxes, No payment missed, 3 payments late but not by more than 30 days.Escrow:  -$800 now but payment will be increased for negative balance and increased taxes/insurance.My guess is its worth $55,340 valued at 6%

Average rental is $1,295/mo and monthly tax/insurance is $110.

Here are the numbers:Appraised Value $80,000.00Loan Amount: $60,000.00Monthly P&I: $490.25Interest Rate: 5.5%Amortized Over: 15 yearsVacancy $43.75 (5%) Repairs $87.50 (10%)Insurance $61.25 (7%) Management $61.25 (7%)P&I $490.25 (56%) Property Taxes $61.25 (7%)Total $813.75 (93%)Thanks,JT

If you have a worker, you need a workman’s comp insurance.

You can't proceed until you are talking to the owner and it doesn't matter if the occupant says they are the sister of the uncle of the cousin twice removed who is currently on vacation in Tahiti and that they can talk for the owner.

In about 2 years I’ll buy in a third market which will be Little Rock.On top of the taxes you also get hail damage a lot which makes your insurance higher.I can buy a newly renovated home in Little Rock for 70k.

I started with a couple stocks and now work full time and have a Roth IRA, Roth 401k and working on life insurance.

At the very least your insurance company could help with legal council if an issue were to arise.

Not much is known about it yet, we're in the uncharted territory, so proceed with caution.So, 1031 exchanges are tried and reliable - just reach out to the people I mentioned, if they don't jump in here.

Services You Can Shop For $2,745Home Warranty Premium (Optiional) $550 Title - Closing Protection Letter $50 Title - Lender's Title Insurance $1,065 Title - Lenders Endorsements $475 Title - Notary FeeTitle - Settlement Fee $455D.