Should you make an offer before determining the FMV?

I wouldn't put any offer in without knowing what the house is worth. If you are familiar with the area you should know what homes are going for in that area. You dont want to be putting in bids with the idea you will be walking away all the time, that will kill your rep with the RE agents your working with. You always want to do what ever it takes to complete the deal unless something is wrong with it.
hope that helps
Richie

richie is makes an important point in dealing with agents and also the people with you make be making offers.
you also need to be knowing these fmv in your area so you can deduct what you want as a profit.a formula you can use is find the fmv through a realtor or other online sources.

fair market value-minus repairs-minus closing costs-[3%]-minusholding expense[60-90 days]-minus real estate agent fees [if any] -minus your profit[10-20%]== your maximum offer amount.
using this formula you can see why the fmv is important.
it is not what people r asking for the property it is what the fmv is in the area no farther than 1 mile around the subject property.prefered only 1/2 mile and comparable as close as you can example within 1-200 sq ft square footage of home.
ps it is really great to see you peter and pam working together as a family to learn and invest .how can you not SUCCEED!!!!
GOOD LUCK TO YOU VINCENT,MUCH SUCCESS TO YOU!!
JAY

Jay and Richie,

Thank you for your responses and encouragment! One other question, though, Jay, which factors are most important with the comps? Would you say the square footage and the distance are the most important?

Vincent