Mindy and Jim are correct, but there is much more to it.Wholesaling the way the gurus teach it has a lot of ethical and legal issues, but set that aside, you can read the forums.As to steps, it depends on the property, buyer and seller requirements, title examination, lien releases and other conditions as to what must be accomplished after a contract is accepted and to get to settlement.

There is little benefit to the PR or attorney for negotiating settlement with the secured creditor(s) (mortgage lenders) unless the local state statutes permit recourse loans to cut into the equity of other estate assets. 

On the loan I am referring to today, the home had been significantly renovated and there were items the appraiser noted that had to be fixed prior to settlement.

If he sees that he's gonna have to hire that John Anderson guy from BP to pierce all the corporate veils before he can hope to get either an award or settlement, he may just move on to the next sitting duck.

Could just be settlement cracks which are normal.You may need a contractor to look by the rafters to get a more informed opinion.

The only niche you need are these two CASH FLOW or EQUITY.IF THE property has either of the above - than considered ituse creative acquisition formulas use delayed settlement tacticssubject to only one out clause employ a skinny contract offermake offers everyday subject to inspectionsmake an offer on every property you find use check fundsdo not use an agentdo not deal with listed real estatework on FSBO's and expired onlyAdvertise on the radioControl and Roll everything you findHave fun and enjoy this wonder profitable exciting cash flow business

In your scenario, given those two estimated settlement statements you posted, 20% down and then doing a cash advance from your credit card for $8,000 at 18.3%, is identical to doing 15% down w/ PMI and the higher rate.So, the question really is: If you keep that $8k in your checking account, are you going to put it to work somewhere guaranteed to earn you greater than 18.3% ROI?

Using settlement proceeds to pay off a lien is a common occurrence.

The bank will most likely Not pay the amount the association is looking for as a settlement.  

Often you will receive payment settlements years down the road when the individual has matured and wishes to clean up their past.