Some will come along and say start a formal eviction and legally do things by the book and lose money for the next 90 days waItIng ..stIll others will come along and say pay the guy cash for keys strategy to persuade hIm because Brandon says it’s a good idea in his book .

bedroom out of somewhere like a formal dining room and make that YOUR bedroom for greater cash flow?

Do they send you a formal notice and tell you the date that it happened?

Or should I order a formal appraisal? 

"Judgment" implies that the property you are looking at is in a state that does judicial foreclosures?

Since I am brand new and still in the learning process, I don't have a LLC set up, which means of course I don't have business cards or anything formal at this point.

@Neil Aggarwal Pretty much all vendors in the industry use "Preforeclosure" to mean the period of time between the notice of default and notice of trustee sale in non-judicial foreclosure, or between the lis pendens and the notice of sale in judicial states (with some state to state variation thanks to things like combo notices).For the period you mention, during which the owner is simply late on their payments, those are called "mortgage late" leads or 30/60/90 day late leads.

Just because you do it does not make it OK to do and does not make it OK to share it as advice for others. 30% is generally considered to be safe, but it's based on interpreting examples in the Treasury Regulations and not on some formal rule.We all make mistakes.

Try to formally zone and convert it into a duplex, and aim for a much higher appraisal?

Can I simply transfer money from my personal accounts over to the LLC or is there a more formal/official method of doing this?