I've heard on some BP podcasts of investors purchasing buildings that have some sort of HUD contract (basically gold).

These are all close friends of mine, including my full-time boss and my girlfriend.That team consists of: An Investor A Designer (Architect)A Construction Manager (His dad owns the construction company)Another Business Management PartnerHere is what I have been wondering; is it possible to sell before the buy?

So we talked and I made him an offer...My offer was 42k(his sale price) for a 5yr land contract and a balloon for the remaining balance in month 60(3k) He said he needed $650 a month and before his mother moved in rent was $750.He countered with 48k and a balloon of 9k at month 60 (comps in area 50-60k)The property is in good condition (2bed 1bath attached garage)My exits would be sell in year 4 and cash every one outSmall refi in year 3-4Pay the 9k and keep as a rental.Keep in mind there is no money of mine in this deal other that closing cost with my Attorney.If his bank calls the mortgage Due I'll sell or refi myselfSo is the extra 6k he is asking for worth it?

Friends of mine picking up foreclosures at good prices..What's your take on that? 

A building two blocks from my four plex in Crystal, has a newly painted exterior, decent looking apartments the same size, but with worse looking vinyl windows, no garage, and rents at least $100.00 per unit below mine.  

If you're on this site, because you want to invest in real estate in the future, then a +800 credit score is worth gold.

With the help of a good friend of mine who is a contractor, I am working on getting my first project going.

I suspect will buy a house when they leave mine and I'd love to help boost their credit for them if I can.

They do need some money for closing costs and some security you won't walk (mine usually require 10% DPs) but that's easier to get than the whole enchilada.Obviously an REO will need the money, so you'll need a partner on this duplex.  

This is definitely a long term goal of mine.