I'm guessing that ARV will show to be between 125k and 140k [still need to do a bit more definitive research, as it's not in a subdivision and not my local market], while the tax assessed value is just 70k.I have a phone number for the owner's son and plan to get contact info for the owner, but HOW do I 'get the deal on paper' when I call the owner of a trashed, abandoned home?

They can often put you in contact with local property managers and contracters, and I feel as comfortable researching the rental market online as I would in person.

The measure passed by a vote of 386 to 27.More than 2 million Americans are likely to lose their homes as low introductory interest rates on mortgages are reset to higher levels and borrowers struggle to make payments, according to the Center for Responsible Lending, a research organization in Durham, North Carolina.At the end of last year, there were 7.5 million subprime mortgage borrowers with $1.4 trillion in loans, the group said.

I've been researching REI off and on for the past 3 years now and seriously (like at least an hour every day) for the past 6 months.

I'll be researching specific cities for the next 9-18 months (when the market bottoms out?)

We have researched and waited a long time to find our first deal to give us a solid foundation.I have just found out that another seasoned investor in my town had placed a final bid of 6500 on this same property.

Do your research and if things don't check out, then don't buy into it.

Research your own home.If you get into investing you are going to run into title issues its just a part of it.

There might be other liens on the property (senior to the lien core to the foreclosure).You need to research the situation to find the present owner.

Blasius,http://forums.biggerpockets.com/Spend some time researching then come back and ask specific questions