Sell to a rehab investor in its as is condition and get out, stop the bleeding, and salvage what you have left.Regardless of which option you choose (and one or both may not be options if your numbers are bad), this is a prime example of a very common mistake.

It is very common for homes in San Antonio to have converted garages or additions that weren't permitted or recorded with the Bexar County Appraisal District (BCAD).  

We'd love advice on how best to get started and the common pitfalls to avoid.  

There are some pitfalls to be licensed, I have not experienced any yet.

This is a great website, the only thing that everyone have in common is that everyone invests in real estate.

Then we put the property out on the market & see what comes back.But using a bit of common sense will get you far.

But I've been told this err is actually quite common, so I've decided to do my best to take advantage of the peculiar opportunity.

I think I have it all figured out, as I have found that she reduced my usable sq/ft by 500 to account for my common areas, but did not do this for the comps, thereby producing an inaccurate price per sq/ft.

This is a great website, the only thing that everyone have in common is that everyone invests in real estate.

They want to stay in their house (or else they probably wouldn’t be paying on it).With junior liens, you can’t discount emotional equity.While the most common exit with first liens is through the property (i.e. foreclosure), the more common exits for second liens are through involvement with the borrower (i.e. payment plans, discounted payoff, short sale, deed in lieu, cash for keys, etc.).Regarding deficiency judgments, although it may be a profitable business model for some (for example, collections attorneys), for most of us, it’s just not profitable to be chasing deficiency judgments.I hope some of this info helps!