Enough to become an expert.

Get it in touch with a local short sale expert and under contract with the owner then find out if the bank will take it.

From an economic standpoint, I am a contractor by trade and occupied units cost way more to work on - I have to cut materials outside and run the stairs to prevent damage to personals inside the unit instead of covering the floors and working in the next room.

It is fine as a screening mechanism, but you want to speak with local property managers or other experts to find out how the building will actually operate.

If I know the costs are like 700,000 USD, I can make a bid based on what the total cost and ARV should be.Then, once they accept and allow me a month of due diligence, I can start spending on experts and get the real cost and scope of the work.

The bank would never let it go for this much.Looking for some opinions on this deal from some experts..Thank you.

For all tax experts, accountants or attorneys, am I missing any steps?

So I'm truly no expert. but my suggestion would be, before you get overwhelmed determine what kind of real estate you want to focus on.

You'll see the economics of RE, understand the conveyances of RE, what rights are held, how financing is accomplished, how to value properties and markets and different uses of properties as well as your state laws and local customs.

the seller is semi-motivated. he is not in a desperate position Thanks Expert!