I have one myself and you can set them up with a lot of different institutions.

Until the financial institutions can figure out the values of the products that they are holding and start lending again, and the consumer picks up their spending, the U.S. will be hurting for a while.

Applications are made through an FHA-approved lending institution.

Well if you are listing the REO's direcly, as in they are coming directly from your bank/financial institution, then check out a local REIA, there are many investors out there willing to pay you for a list that is accurate and timely.

So a $35K initial offer on a $40K list means you will be paying somewhere between those two figures.That works whether it's a big institution or an individual homeowner.

I have never tried the product for myself but according to Andy Rosas form the Coaching Institute it works great.

The reason everyone says you can't get more than 6% on a deal is because most banks and financing institutions that give the mortgages to the buyers won't allow it.

An outside tax expert, Chris Edwards of the libertarian Cato Institute in Washington, said increasing numbers of limited liability corporations and so-called "S" corporations pay taxes under individual tax codes.

In your example, going from 9.6% to 12% by putting yourself into $900k in debt @ 90% LTV is not something I'd call a good risk/reward curve and any institutional money money manager would agree.Also, in your example, if you had 1 vacant house, your monthly income would be $900 minus the mortgage payment on that vacant home, which would probably be around $900, netting you around break even. 2 vacant homes, negative, 3 vacant, more negative.

If this is your first forey into this type of investment you are going to be hard pressed to get any kind of institutional money in the "low 9 figure" range.