Hey Tony, Your strategy can definitely work and I've seen others do the same, there are tons and tons of apt buildings that need work and are being poorly managed by the current owners.I have built a database of properties in my area - orange, seminole, brevard, osceola county etc.

Not sure how CA works but keep in mind that in NJ if the other heirs don't want to deal,the one heir can step up as Administrator and take over the estate on behalf of the others.

And, I would not use any administrator just because someone has not heard any complaints or assumes others have done research on them.I have a basic SDIRA with IRA Services in San Carlos, CA (no checkbook access) and I use them frequently for real deals I do all the time.

MLS does not deliver a "value" it is a listing service and database query from public records and agent entries.

All of this is curious of course because when FHFA first submitted the RFI the administration had already been leaking the idea about the Bulk REO/Rental concept, you can cross reference Google news and search by date to see what I mean by this.

I use an MS Access database which allows me to use a form to quickly input information, select the type on contact and add them to the database.

You have to check FHA's database to make sure that the development itself has been approved by the FHA or else no FHA financing which (obviously) negatively affects the market value of the condos within the development.

There are 3rd party loan administration companies that will also "professionalize" the loan transaction, and give the lender more peace of mind.Many advise, for the security of the lender, that you execute a couple of additional documents: (1) document permitting the lender to deed the property to themselves if you are more than xx days late on the payment (often 30 days), and (2) an assignment of rents, allowing the lender to intercede with the tenants and begin collecting the rent directly if you are more than xx days late on the payment (again, 30 days is common).

The online county document database is not up to date with the current month's foreclosures so I don't think that is an option.

I agree that the value doesn't appear to be there when silver was at $7 just 10 years ago, but it's also difficult to ignore the spending by the administration and the answer to the American and European debt appears to be print more or raise revenue, instead of cutting spending.