I sent over the Notice of New Landlord letter and the tenant told me she was going to file bankruptcy (so she wouldn't have to pay rent I'm guessing).

Then file your "Notice of Petition to Administer Estate"..Mark (N-CA)

@Jeff Graves Hey man thanks i noticed your from the islands so this info is very helpful man thanks for the time you put in.

Your client can have them sign new leases or give them 30-days notice to vacate.If your client is not changing policies, terms or guidelines, I don't see a need to, "update" their current leases.

If it's truly 3 distinct SFRs and you want to use Fannie/Freddie financing, it'll be 3 contracts, 3 escrows, 3 mortgages for $40k each, 3 sets of closing costs, etc.That being said, with loan amounts this small, I'm guessing that commercial or hard money financing might just be better if you can find someone to blanket loan on all three at once just for the sake of 1 set of closing costs.Using fannie/freddie financing on loan amounts that small, the closing costs start to become a ridiculous % of the loan amount.

I currently have access to the County "Foreclosure Notice" site.

Fannie Mae rates are always a little higher than FHA, but for good FICO scenarios the PMI will be a crap ton less.Commercial: http://fanniemae2.articulate-online.com/p/50703331...

Here are some details:Property is in pre-foreclosureOwner has been served a "Notice of Default" 3 months ago of ~$10kExisting Lien: $319kAsking Price: $460kIdeal Price: ?

Sometimes I notice that the previous sale date might even be a couple years ago or maybe even last year, but the property is just sitting there accruing expenses..?

One, how aggressive you are about serving the pay or quit notices and get the eviction filed, versus riding it out to see what happens.