If I don't buy, I would rent for $1300-$1400 / mo by living with a roommate (what I actually do now).Based on the model, I think waiting to buy makes sense for a few reasons:Buying during a recession is 15%-40% better from an equity and cash flow perspective when compared to buying a deal right now.

I'd appreciate everyone's perspective on what they feel is achievable.

I would ask for more rent as month to month and their cooperation in showing the rental to other perspective tenants once they have given their 30 day notice.  

Doing a room takes about 45 minutes to an hour, and will leave you a fresh concrete surface that can be sealed, or preferably, epoxy coated for a good looking, basically bombproof floor.  

I'm feeling more confident in taking the leap of faith to get started, while keeping fear in proper perspective. :) Connie-I have the book Rich Dad Poor Dad on hold at my local library and am anxiously waiting to receive the call that it is ready for pick up!

. - you're deal is worse from a cash flow perspective!

REO) is entitled to all proceeds from sale.Consider this example as a perspective on this.

@Joshua DorkinFor one thing the laws may vary by state, which is one reason I posted the article to see what other people are doing or no doing in other states.I've seen hoarding from the perspective of buying a property formerly owned by a hoarder.

Sounds like a good plan you have to get the test done while the material is fresh in your mind.  

Mark Paup ,Just from a contractor's perspective, I would get the full seller's disclosure, and make sure there are no asbestos materials (tile, loose fill insulation, wrapped pipes, etc) and make sure there is no lead paint.