The trustee, borrower or bank can ensure you get your hand slapped hard for approaching the circumstance as a work-out or foreclosure fix it guy without a license or being an attorney.Let's say that we can approach the owner and be in compliance, which you can.You will not purchase a note as an individual investor from a bank that has started foreclosure by making an offer like that.You get a request from the borrower for the bank to sell the note in lieu of payoff as demanded.

There are definitely horror stories, but MOST of them work out well.

Were you bidding on the property knowing that the owners were deceased, or it just happened to work out that way?

If I did the BRRRR method would this work out perfect?

Then I(we) control everything.I know there are details to work out, and I am still in the thinking/planning phase, while I continue to save money, but is this a conceivable plan?

If there issues that need to be worked out with the 6-unit property, I would utilize that as a negotiating tool to work out a seller financing strategy with the current owner. 

I'd work out some kind of deal and finish it off.

I turned the extra room without a bathroom into a workout room as a bonus amenity.

Justen - curious if you have closed any deals since building your door-to-door team and if so, how did your pay structure work out?

That said, inspection fees for deals that didn’t work out and mileage from property viewings before actually purchasing a rental property aren’t considered start-up costs.