On the Preliminary Disclosure (Line 520 on HUD1) the total reduction amount due to seller is $638,800 (1st and 2nd Mortgages with closing costs).

A property you purchase specifically as a investment to be used exclusively and totally as a rental property is business use and must have rental property insurance coverage (landlord).One is a Home the other is a Income Investment Property.

Again totally new and don't know much!

Your total equity in the property is your cash investment.Cash on cash is only accurate for the first year since mortgage pay down and appreciation change annually.

This would be your total recoverable amount should you foreclose or should the borrower refinance or pay off the loan, assuming there is enough equity in the property to cover the total amount. 

Turns out, it has some major flaws ($$$) The sub floor and beams under the bathroom are rotten and will result in the bathroom being totally torn up to get to the beams and repair and then putting the bathroom back together.The other thing was-there is no access to the attic.

Also, a guy could almost intentionally go after listed homes by sending a flyer to the listed home's homeowner as well as to others in that block, so as not to make a total enemy of the agent.

We don't believe she will be the only one handling them, and do not believe she will be totally honest with the numbers and info she gives us.

Our local agents use 8% TOTAL to get a rough estimate of seller's net. 6% commission and 2% for seller's closing costs.

If you haven’t read The Total Money Makeover by Dave Ramsey, you should. 8)