So, although paying off the mortgage saves you interest, you deny yourself the chance to earn interest with the money you used to pay off the mortgage.Sam understands this, and therefore, he obtains a 30-year mortgage at 7% (a bit higher than Nick’s rate).

If it says any of the following; corporate-owned, as-is, certified funds for earnest money deposit, cash only/proof of funds, must do own termite inspection, no contingencies, etc. then the chances are good it's an REO.

Hello Dylan,Just FYI, I am new too, and in reading the posts and perusing bookstores, I discovered that you can go onto the Amazon site, and specify the title or author, and many times you will be given the chance to buy used copies of the books you want, rather than pay the new copy price.

Because they had refi'ed and HELOC'ed at every chance and spent the money.Jon

(This means that if they do find a buyer in the future, then you have a right to match the offer and buy the building.)Negatives for you:Price may be higher in the future.You may not be able to buy that building in the future.Positives for owners:The owners will have a building worth more because it is performing.The owners will be making money monthly, instead of losing it.Negatives for owners:They lose the chance to matket for owner users.They may not want to deal with negotiating and managing a lease.Option 2:See if the owners will finance some or all of the sale to you.Positives for you:You get the building now.Negatives for you:It will likely be more expensive than a bank loan.

Hopefully we'll have a better chance of obtaining the property before other investors get the opportunity to bid.

So I haven't had a chance to actually research everything there is about mortgages and costs associated with one.

or is there a chance for financing?

I did have one $30k profit day but it was a bit of an anomaly and chances are, realistically, it won't repeat itself.

We haven't determined the upfront amount, but I assume he wants as much as possible and I just want to make sure I don't lose any money.Now, I'm no expert, but I see potential issues with both scenarios...specifically if neither of us is able to actually take title after the foreclosure process.So, I'm looking for suggestions on how to handle this in an equitable fashion such that neither side gets screwed should something atypical happen (like a redemption or purchase at auction by a third party).Any suggestions are great appreciated!