It was great for us because we could afford the mortgage payment during vacancy (while we were getting the property prepped) and we also knew that if the home needed any major repair, it wouldn't be so extreme that we'd go into bankruptcy.  

Big concerns are bankruptcies/repossessions/evictions and crimes against people/property.

Hi all, I'm based in the Los Angeles & Orange County, CA area and am interested in flipping homes.I have one quasi-BRRRR deal under my belt.About me:-Former Fortune 50 Commercial Real Estate Banker, specializing in distressed assets (restructuring/modifying notes, pursuing guarantors, foreclosing on assets)-Varying degree of experience in legal remedies (mediation, arbitration, bankruptcy etc.) with inside/outside counsel-$500,000,000+ RE transaction experience from west coast thru the mid-west-USC Business School Alum w/concentration in Real Estate Finance & Development-Licensed REALTOR in CA-Hands-on experience rehabbing real estate (full kitchen rehab, flooring, painting, spraying texture, removing load-bearing walls, bathroom rehab - have pictures from BRRRR project)[QUESTION] What is the proper approach to seeking a local mentor/partner on BP?

I just had a bankruptcy removed from my report and now would like to refi out of the 5/1 ARM.

There seems to be so many folks out there with bad credit, medical bankruptcies and a number of other issues preventing them from qualifying. 

Usually you want a CMBS loan to only have fraud and bankruptcy as recourse provisions (very narrow instead of broad).When an assumption is done you can waste 6 months and not get anywhere.

The numbers of filters including expired MLS listings, liens, vacancy, divorce, bankruptcy, and so on are impressive.  

.- There is a possibility of a homeowner filing bankruptcy after the auction which will complicate the eviction process and delay your possession.- There is a possibility of unpaid property taxes, HOA dues, city or state liens that may attach to the property and will become your responsibility and increase your costs.- If there are IRS liens against the owners, you won't be able to get title insurance for up to 180 days after the auction.

Negative credit history including bankruptcies or repossessions is unacceptable.Applicant is preferred to have a minimum of one-year verifiable rental history.

Sometimes they recommend an "ERISA" full blown 401(k) for the added benefit of stronger bankruptcy protections.