I, for example, do not allow rentals in my communities of any kind, and I certainly would not let you buy a home in my community and resell it either for cash or seller finance without my prior approval of both you and the subsequent owner.

Sometimes we see the lender reopen the case because they forgot to name a junior lien holder, and figure it out when they do the title search to resell it as an REO.

My long term goal is to collect residential rental properties without the intention of reselling them (not yet, at least).

Here is an example of a house I have bough from him:Purchase Price:                              $42,261KAssignment Fee:                             $11,700KRepairs:                                          $15,000Closing Cost Est:                             $1,500Holding Costs Before its Rented:    $1,000Total Investment:                             $71,461  House would Probably re-sell for 90K+ after repairsRental Income $1,300/Monthx12=  $15,600Property Taxes:                               $2,500Insurance:                                      $600Repairs and Maintenance:             $300Capital Expenditures:                     $500Net Income:                                   $11,700So without figuring on any vacancies its about a 16% cap rate, which I thought was decent.I am a beginner at this so not exactly comfortable going to the auction, but I want to learn the ins- and outs of the auctions so I can get even better rates of returns.  

JV proposal received:Regarding the pkg of 51:Here's some answers to your questions AND some additional comments....Time frame to re-sell....I would like to have half of them sold within the first 3 months after we bought them.

I also don't invest in the city for multiple reasons (the ED department being one of them, which would probably come into play if you are looking to do something other than buy and resell some land in the OC)I know people who have done very well on Murray Hill and the Gordon square area.

In regards to reserves, define a lender as for a term sheet and ask for all the details, then you can make a better decision, most lenders that resell their loans may have specific guidelines from their investors in regards to reserves etc.  

I have bought timber ground in those areas and it took years to resell... just stick to your tried and true methods of buying deep discount.. check DOM for the area and don't over pay.

These terms & conditions make it easy to put them into various portfolios and resell them via Fannie & Freddie

In Florida for you to resell with a warranty deed you must wait 4 years or do a quiet title action.