Regardless, since you will be buying once, then selling once, your round trip commission cost will be about 6%, assuming use of agents on both sides.On top of that, there are other hard costs - title insurance and inspections, in particular.On top of that, there are *soft* costs - things that both you (the first buyer), and the second buyer (the one you sell to) must do - due diligence to make sure you're not being hosed by a bad house or a bad deal.

Built in 2000 and I like it second best of all my choices.

I have to talk to the lender to see about that, but I think I can do the 177,500, but will have to also do a second mortgage, which would be less than paying PMI.

Keep in mind the majority of these ideas for a future home I've had in my head for years, so the likelihood of me NOT doing one of those things for my first house are very very slim.With all of that being said, any opinions/advice/recommendations on my ideas?

If the trust deed you are bidding on in in first postion ( the first recorded) then yes everything behind in (second,third ) are wiped out.

Smith and carry a second note for $30K, after a few months of collecting $300/month you realize that your COKE bill is much higher than $300/month and your car payment, house paymenbt and other payments are getting in arrears and some quick cash would "fix" your problem.

However you can place a second, third, fourth, whatever beneficiary in the trust and as long as that other beneficiary is more than "arms length apart" then you should be safe but again a attorney might be able to dissolve the trust.

Chances are much stronger that apartment building owners will carry second mortgages as opposed to home owners.

If the second forecloses then the third doesn't matter.

The second - pertains more to complexes.