I am wondering if anyone has had recent experience using this form of financing and can verify if it's 10% or 15%?.

Obviously I need to to study up on these a bit more before considering to add them to my RE portfolio.

In addition have you spoken to a mtg broker to verify that a bank will lend that low of an amount. most time they have limits (these days some banks try to stay around 60k).

The bill was vetoed by then-Governor Sonny Purdue on May 14, 2008:Here is the link to the bill, with a very clear veto status:http://www1.legis.ga.gov/legis/2007_08/sum/hb1217.htmThere have been no similar bills presented since this one was vetoed.So, as I pointed out earlier, there is absolutely nothing to stop me (or anyone in my state) from charging money to provide a condition report on a piece of real estate.If you have any reliable documentation to the contrary (notice how I actually presented verifiable information above), I'll be here...

This is cheap protection agains lawsuits.On the property taxes, verify the assessed value on the county web site, it's probably well above this asking price (given the $3K of taxes you mention!!)

My question is what can I ask the owner/ or agent to verify that the tenant has paid on time.

So, you may want to verify that the roof is indeed in decent shape.Most importantly, it appears that you're trying to sell a 3/1.5 in a neighborhood that mostly consists of 3/2 ranches.

I also plan to manage the property myself but have factored in PM costs.The other expense that the owner pays is the water/sewer bill which last year was 600 so the unit is still occupied by a tenant on a month to month I am having the owner fax over receipts of when rent was paid over the last two years to verify he was on time.

Assuming he has deals, a broker (or “investment specialistâ€) who focuses on verifiable cash-on-cash returns could be worth his weight in gold.I’ll add that the COCR acceptable to me might be much more or much less than what is acceptable to you.

The general stipulation given by the listing agents I have talked to is that since there is no HOA there will be no conventional financing and the buyer would have to come with some other verified source of funds.