I am about to buy out my aunts 1/2 of a property that she and my mom inherited from their father (my grandfather) The property is owned free and clear.

I have many questions on the way this can be done. The property...

Please take that into consideration when evaluating - thanks much!

You must take into consideration the return on capital invested.

The permit for this job took just about 45 days to issue, and the department has slowed down considerably since then.

So far my only consideration is confirming NO liens through public records and consulting title agencies.

It may be a quick consideration to look at a deal but not to base your buying decission on.Home Equity loans are for owner occupied/second homes, not investment properties, but it is possible to get second mortgages with the right lender.

The potential justifies a higher price but the considerable amt of work doesn't.

As Jon mentioned they will go by actual income, but they may make adjustments in underwriting as other factors, like age and condition could be a consideration.

The Memphis market has changed considerably in the last 120 days, many would say for the worse.

My first property was FHA and my loan documents stated that I had to occupy the property within 60 days, so something to keep in consideration when looking at properties.