Its not officially a 3rd bedroom because there's no closet or door but it can easily be considered a 3rd bedroom.That model is the same size as mine, but I figure it can rent for more because its a quasi 3 bedroom vs my 2 bedroom.

He told me to keep two rooms for me and the kids then rent out the rest of the rooms which I did.

@Andrew WhickerYou need to contact the zoning, codes and building departments, you can't afford to buy a property that may or may not be illegal.You should also look at the zoning map, what zone is the property located and what are permitted uses for that zone.And by looking ta the official city records try to determine when the 3rd unit was created.

A lot depends on the rest of your financial picture, not just the rental property itself.

Given our market, I think buying, say, a 2 or 3 bedroom, living in one bedroom and renting out the rest makes a lot more sense.

A title transfer indicates that the home was lost in foreclosure.The thing here is that once you know this, you will not be able to approach lenders and try to buy these homes directly. 99.9% of these properties are listed with real estate agents and buyers must wait until the bank officially lists the properties.But, if your state has a redemption period, you could contact the foreclosed owner and work with them to redeem the property.

Or forgo the expense a few times for a down payment that turns into $100k of equity/income over the next 15 years, which will finance a trip per year for the rest of your life.

However in this market an MLS listing looking for a POF letter is a bank unloading an unfinanceable junker 95% of the time, and 99% of the rest are short sales.

In doing so I know I will gain knowledge I will find useful the rest of my time investing.

Create LLC, contract on HUD home, get a online pre-approval letter or if u have your own POF or pre-qual letter, find wholesale buyer, wholesale the LLC, get your fee or only collection a portion, retain 1% ownership to sign close docs, close the deal, collect rest of fee and wholesale person gets the house.