You need to be aware, that there is a "chance" that the current holder of the mortgage could call the note when you transfer the property into your name. 

As a food for thought, if you personally are not qualified for a loan, perhaps you can ask your parents to sign off on it with you.

Hope that provides some insight and food for thought. . . . . 

Real estate gives me the feeling that I am in control of my own destiny, and I don't have to rely on others to bring food to my table.When I feel discouraged:I reread Rich Dad Poor Dad and read success stories here on BP.Please share your own "why's" and what you do to stay motivated!

Although the IRA does officially own this type of LLC, as the account holder, you get to direct its use as the "Manager" of the structure.

The property went to the tax sale 6 years ago and was purchased but the tax holder held the property for 4 years and defaulted on taxes and never quieted the deed.

To get 80% of local price fluctuation you have to add at least next quantitative variables:- real estate taxes appreciation rate,- purchasing power (money left after immediate needs - taxes, insurances, food etc)- net/reverse migratory stream,- CPI,- construction of new homesNot to mention subjective variables:- confidence (will i have enough money to pay the mortgage tomorrow?)

We did not make any provisions for him to earn income during the flip, so he had to work a few other jobs to keep food on his table, so the project took FAR longer than it should have.

We did not make any provisions for him to earn income during the flip, so he had to work a few other jobs to keep food on his table, so the project took FAR longer than it should have.

I was recently at a food court eating my lunch and a teenager walked up, grabbed my drink and started to drink it!