In our lovely state of WA once the removal is approved, it could take another week or two until the sheriff gets to the property and posts the legalese paperwork on the door(they are busy), basically telling the bum that he will be tossed on XX date. 

Just got off the phone with another DIY landlord looking to hire a PMC.They really didn't like our response to their question, "How long does it take you to find a tenant?"

@Albert Hepp the flawed logic your using to state there must be some conspiratorial aspect to commissions because commissions are all but uniformed over 2%.....We can apply that exact flawed logic to Apples at grocery stores and say since apples, at every grocery store are uniformed at a price over $0.10 a piece, it "must be a conspiracy"........Take off the tinfoil hat. 

You have to be a serious individual that takes care business.

I would, If in this position, take the equity in the form of a HELOC and purchase a cash flowing asset that would not only pay for itself but pay for the cost of the money while putting cash into my bank account each month. 

If you were able to increase the value of the property significantly after the rehab, then you could bring the deal to a community bank  to refinance and take the hard money lender out.You keep all the equity and don’t have to file a partnership return for your annual tax return, which can be costly.  

If a property goes into foreclosure on a second, as Ken said you will either be buying it subject to the first mortgage - meaning it's your mortgage now - or the first has to be satisfied to take possession of the property - or the owner of the first is going to be there bidding what they are owed, so you would need to outbid them to get the property and then you are the person paying off the first mortgage. 

We were ecstatic that it happened so fast, we thought it would take longer.

You can always purchase more and take on more debt. 

Great questions — this is a small project, a single detached lot that could take up to 3-4 units max but is currently zoned for single family.