You can use the price they bought it for as a data-point, but it's really secondary to the what data you can find in recent, comparable sales.Hope that helps!

The "just market value" of their land is then listed at $250K (the county defines JMV as "The price at which a property, if offered for sale in the open market, with a reasonable time for the seller to find a purchaser, would transfer for cash or its equivalent, under prevailing market conditions between parties who have knowledge of the uses to which the property may be put, both seeking to maximize their gains and neither being in a position to take advantage of the exigencies of the other.")I am very interested in learning by participating in this deal but I don't know whether i am getting screwed through 1) him assessing my basis too low by valuing it at 212 instead of 250k and 2) the terms of the overall deal.I am leaning towards doing the JV since there are other places where I can learn about rehabbing and renting, or flipping, but this property offers a great opportunity to participate in a development with a high quality experienced guy who is very well connected. 

Do you happen to know the time frame and cost of this process for just the name to be transferred?

We are moving into the property ourselves for a year while we make the improvements then we can transfer into a rental. 

Real Estate Markets in June 2015Summer is officially here, and just like the heat waves sweeping through much of the country, the real estate market shows no sign of cooling off any time soon, according to a preliminary analysis of June data for realtor.com®.Based on data for the first three weeks of June, the median list price increased to $233,000, up 7% year over year and 2% over May.

Sub 2 means you have the deed but someone else has the debtTo sell you pay off the debt and transfer the deed@Llpeng Wu@Bill Gulley

As for foreclosure defense attorneys and their"innovative defenses", they're just another twist on the previous useless ideas designed to acquire paying clients looking for a miracle....you know, the "show me the note",  the "MERS transfers are unenforceable", etc.  

If BP has taught me anything that transfers to the world outside of real estate, it is to hate the word "guru" and trust no one who claims to have any "secrets" to success in anything.

Well if the deal is all cash than there's a 1.5% transfer tax and a few other misc. attorney fees, title insurance.

I concentrate mostly on major cities because it is easier to get demographic data and rental statistics about these places.