I've made offers on several short sales in the past but never actually bought one.I've been told to put language in the contract to the effect of "property will be delivered vacant and all of owner/occupants' or tenants belonging will be removed before closing date".What about the final walkthrough?

The criteria for a flip needs to be based on the difference between the purchase price + rehab + holding + selling expenses and the final selling price, not just the original purchase price you have mentioned in your posts.

I've finally got a confirmation deadline to close on the property -12/11/11.

One problem I am seeing is that there is no way to reconcile the prices in the area with some of the rules of thumb used on BP (i.e. 50% and 2%).I'm very comfortable with the analysis of potential investments, but I will need some help with the expense data.

Not sure this is in the right forum but, I finally finished my remodel after a little over a year, mainly worked on it in my spare time/weekends.http://specialtyceilings.com/wordpress/I bought it for 22k and put 8.5k into it.Hoping to rent it for 750-800.I have some before pictures somewhere, i'll try to find them, but basically new everything except roof.Let me know what you think, this will be my second rental.

In regards to your final statement, I am a few months away from converting my basement into a legal dwelling for me to move in while I rent out upstairs to cover more than 80% of my mortgage.

The sale is not FINAL and this WILL get messy....

But again, ethics is subjective, and it's just my opinion that leaving out pertinent information on an investment analysis in order to attract business is highly unethical.

It took me awhile before I finally found a great agent that was willing to work with me and let me insure it for what I could acquire it for.

These are new developments so it comes around a year later when it finally causes a backup or overflow.