Over, IMHO, the effective hourly rate you can earn by self managing makes it worthwhile.

It's better to uncover the likely BS on the front end than waste a bunch of time getting it under contract.From there, you can usually build a P&L using industry averages and obtaining old bills from the utility providers.  

North Shore is very new to me and still trying to figure out which areas are worth while.

We keep the re-performers for cashflow, and then after 12 months of seasoning we will sell them as re-performing notes if the yields are worthwhile.

Married wife/owner has satisfied multiple trusts and now has a 2008 1st Trust being foreclosed upon tomorrow.Due diligence has uncovered a $14,000  Hospital Judgement docketed on 2006 (so having priority over the current, foreclosing, 1st trust)BUT...

a friend of mine is selling a house.. was originally listed at 159k she owes 115k.. i guess she fell behind on the payments and worked out a short sale with the mortgage company. currently the house is listed for 130k and will drop 5k every week until sold. its a single family twin. two full stories and finished attic, full basement 1680 sq ft. could easily be made into two family home or rented as is. she updated everything when she bought it in feb 07. i spoke to her about any defeciencies and she said she has in writing they will not come after her for any difference. if i were to want to purchase this and convert into a two family i was thinking of asking 80k and going from there..zillow has the value at about 130k which is probably about right.does this seem like a worthwhile investment?

@Jeremy Carl this sounds like a worthwhile meeting.

They seller isn't far enough upside down to make a short sale worthwhile for them and yet they don't have enough equity to be able to sell at a competitive price and not bring cash to closing.

I ws on a team myself for a year and a half at one point, and while I didnt necessarily like being a member of a team, I think the profitability of owning a team would make it worthwhile.

@Ryan Blake is not wrong, if you get sued, the attorneys and courts will work to uncover the chain of ownership.