This has bad idea written all over it.First, lets look at this as a pure rental and assume the market rent of $1100 and a purchase price of $100,000.Rent: $1100Expenses: $550NOI: $550Payment: $665 (P&I only, $100K, 7%, 30 years)Cash flow: -$165Even with the more optimistic assumptions I tend to make, this is, at best, barely break even.You're probably going to need to put some cash down to get an investor loan. 20% is pretty much minimum.

There are a lot of ways of getting tenant/buyers....I might write an article on this if one has not been wrote already.So many good people in this bad market are losing their homes, and many of them that I come across do not want to rent, so it's easy to get good people with the right mindset to occupy the home and not trash it.

So far, it seems the TARP funds are being used to clean up banks balance sheets and to buy other banks, and the feds are getting a bunch of marginal or bad debt.

The first one was a bad cocktail party and no one was doing anything other than meeting.As to what a newbie brings to the meeting - nothing is right.

I want to own an apartment building, but not bad enough to do something retarded!!

The property is in bad shape and will require ~50K in renovations.

No matter how bad this housing market gets human beings always need somewhere to live.

And what fundamental changes will result - good or bad?

They're a value the county uses for tax purposes and may or may not have any relation to the actual value.Using the loan proceeds to pay back the loan is a bad idea.

BAD IDEA.