So this really depends on what is the underlying collateral.. is it C D class props that are going to be beat up and tough to sell ??

I am in the process of suing him and just finding out now that he's done this not once, not twice...But 4 times AT LEAST.

That process has direct lender involvement.Where the challenge lies, is when unsophisticated "investors" with no experience, no money and no reserves use creative financing (often called wrap, subto, lease option, seller financing, land contract) to purchase properties and along the way there is a "hiccup".

So, their attorney gets back to them with the new that (1) their dream of a “contingency” fee lawsuit is a non starter (2) that the process is going to be long, drawn out, and (3) that a $15,000 retainer would be required. 

I have actually done this and can say that it is a pretty complex process with many rules.

The systems you have in place to handle leads, follow-up and your sales processes are also huge factors.Another factor is what is your monthly marketing budget?

Insurance- need a broker.PM- farm out or you better be good at process management. 

We got a bit delayed in the permitting process...We had to get a geotechnical report done due to a slope on the back side of the property, but are now back in process again.

starting with a flip" is really tough because flipping takes capital. 

Actual foreclosure is on the East coast a Sherrifs sale and you can google the state and sherrif sales and the rules will be on the websites.. but its one of two process's either it requires a non refundable deposit if your the successful bidder or you need full cash at the sale.