What expectations should I have for this time?

Firsts are generally not effected by 2nds foreclosing, btw.You have tremendous power at the moment, having a lender with no expectation of getting paid, ever.

So don't expect a set percentage that the bank will accept.

Much easier to reduce your expectations and have them mail it to you (pick a better area with better clients).

What is the best way to find a RE Attorney and what can I expect to pay for services.

If the rent per unit is reasonable you could land long-term tennants who will almost do anything to be able to keep their first place away from the parents.And they do not expect a whole lot of amenities most of the time.

They're expecting to walk away with a commission when the deal closes.

so drop me a line if you feel like telling me your distance investing stories...long story short, i've heard a lot of good things about indianapolis and i'm interested in meeting investors in the area familiar with the market there and to maybe school me a little bit on what i should expect on my first couple of deals.

He sadly has no of that and only brings hard work, a brain and the will to go through a start up with me to the table.My guess is that the weight both the expected cash flow of the business model and liquid assets you currently have (cash, stocks..etc).

(at least in my business model.)It is understood that the 50% rule has shown validity, what I am saying is that the your expectations of cash flow must be changed if you have others managing the property, not that the basics of financial rules change.If you are a backyard investor buying three properties that cash flow $200 a door, and you enjoy the work, in theory you are making $600 a month in income, and having fun doing it!