.- Generally speaking, the worse condition the REO is in, the more discount off of market value it will sell for.

This is obiviously a very old house and my guess is you could tear it down and build a new one cheaper than fixing this one to prime condition.

Suggestion:- 30% down on purchase/renovation costs (minimum)- 8.5 - 9.5% interest rate- 15 year am"It's just like a contractor doing a job.I can go out and find someone quick to paint my apartment unit for 500 OR I can take some time to find a painter that I can get to work for 75.00 a unit that does a good job.I believe finance is the same way in that there is a bunch of money wanting to lend at rates and conditions that are not attractive to a buyer.So you have to find a lender willing to take less than the majority so you have an advantage.A question I have thought about is would you target one really wealthy investor or a bunch of smaller loan investors??

He could also lend to your LLC or place equity in your company.You can also have a lawyer draw up a profits sharing agreement and use a Deed of Trust.

I've spoken to a couple of lawyers here in Florida and I've been told the way the veil gets pierced here is either through committing fraud or commingling of funds.I agree that an LLC (rather than other types of entities) seems to be the best option for rental properties for most people, although apparently some wealthy people use various types of trust arrangements.

In the 4 months prior to January I was going to build my buyers list, find an investor friendly lawyer (which I did thanks to the good people here at BP) and to learn as much as I can about the wholesaling business.

I will send a quick email to my lawyer and see what he has to say. keep you posted

Personally, I completely renovate most of my properties, so it really doesn't matter to me what condition the house is in...I'm going to be replacing most everything anyway.Again, I can't speak for others, but that's my experience.Now, if you find a home with structural issue (or perhaps serious moisure/mold issues), that may be a great opportunity to bring in a licensed engineer or specialist to diagnose the issue and outline a solution.

My first question would be why BK and not closer to homesecond question would be HOA related, cost, assessments, condition of property, not just your specific unit, but the grounds as well, parking lot repavement could mean a huge assessment shortly.

If I would've asked a lawyer, then why would I have logged onto BiggerPockets?