You are basically able to purchase a house with no money down.  

@john D, I figure if I do the basics to get the place pretty it would beess than 40k, then I'd market it at 260k.

My basic understanding is that it will help me know the market and understand the different types of loans to take out, etc.

I'm content with $100/door in my area.Find out from your property manager how much the unit can be rerented for with none of the improvements, all of the improvements, and half of the improvements and run the numbers with the different rents.I would lean toward doing the upgrade items and basic cosmetics, but not do the middle of the road items that typically need to be done and redone.  

He basically said that it was easier for it to go to foreclosure.

You can put a basically put an infinite # of properties under an LLC.

I have completed real estate appraisal and real estate finance and still have law and principle to go. 

Basically you made a $500 mistake instead of a $7,000 one.Like Frank said, trust your gut.

Brie:Actually, your FHA programme and our CMHC homeowners programme are not terribly different: the intent and basic parameters are pretty much the same.

I found SunWest Trust and while I don't mind the initial $500 setup fee, I'm not thrilled with their $200 annual fee for doing basically nothing.