The problem that I see is that your only 'plan B' scenario deals with not being able to sell your property for the price you want after the allotted time.

The property can be conventionally financed, however the time period allotted is too tight for my local banks to guarantee the 21 day period because of the appraisals currently being out 2-3 weeks.  

There are still allot of hard working folks in Detroit with a sense of pride of ownership and pride in their life style if they are renters you just have to take the time to get familiar with the areas that are still civilized. 

Good luck Alberto and keep us posted, BP is a great group and you'll learn allot.

Hello and welcome, It sounds like you are a pro at raising capital, that would certainly make it allot easier for you to get into real estate.

You should always take a portion and put in savings for future transactions, and remove your initial investment capital with a three year cost of capital allotment (meaning in three years due to inflation money is worth less so you should add a premium to ensure you still have your working capital) then after that the sky is the limit.

If the debtor doesn't pay off the lien in the time allotted by the county, you will have the option to foreclose.  

The podcasts are a great way to learn allot quickly!

I believe that the building would fail the approval process by the lender if any of the existing leases did not expire in the allotted timeframe. 

Throughout the process he continued to go over budget and we tried to help with giving him some allotments early and signing over a 3K decorating budget which was for painting, something i planned to do.