I am looking to purchase a home through auction for my family and I and the details are as follows:Wells holds the lien and there are no junior or other outstanding liens.It was established in 2011 at 175k and the property owner stopped paying over the summer so I think it's in the 161k range for what's left on the mortgage.In talking to Wells they said that they were not listing the property for auction but the owner was... yet Auction.com lists this as a foreclosure property.My father would partner with me on the cash for this deal until I can grab my traditional financing but he is worried about being on the hook for more than we expect.If I have checked with my recorder of deeds for any extra liens or overdue taxes, sewer bills, etc, can I be on the hook for anything more than my bid price if I win? 

Looking at your numbers, I wasn't clear how new the home was, so you might or might not have included enough for repairs but what I have found in my own portfolio is that when you get a few houses or buildings under your umbrella, you might have ONE that doesn't cash flow one year because you had to dump alot into it, but the others carry it, and the overall portfolio performs. 

It took two months extra but it finally got done.

Say $100 a month to start then after 6 months another $100 until he gets the idea and moves on his own.I might also get the VA involved and see if they could get him relocated peacefully.Lastly if I absolutely had to have him out, I would hire a large law firm specializing in evictions to do all the noticing, and carry out the process.

If that was my only property I would not want to carry negative cash flow for long. 

So if you do not mind please share the following:Purchase price for the 4-plex including all carrying costAmount needed to fix up the propertyProjected time to finish and rent the 4-plexProjected rentsProjected sale priceProjected net profitWith above information as the starting point BP members will be able to tell you if they would invest in the project and how much they would charge.

., it doesn't really costs you much, if any, extra.  

@Caroline Hedin@Cameron Skinner@Matthew Kreitzer@Dax Desai @Chris Allenundefined @Jim AdrianundefinedGreat news, I got my floor plans yesterday the architect I was talking about on my post came through on his word this time, he apologized but did not tell us why he kept pushing the date, he also gave us an invoice which says that if the city rejects the plans he the architect will fix what needs to be fixed with out extra charge. 

I make an extra effort to make sure the renters know that rent is DUE on the first, LATE on the second and late fees apply after the third. 

I work full time so Im really just looking to learn and hopefully make some extra cash.