I was probably a little harsh in my response above.

It's a trendy topic, but once you step inside the dump of a property to start work, it's going to be stressful, overwhelming, and expensive.Sorry if that was a bit harsh.

I would be careful not to word it too harshly, having a tenant that pays consistently, even if one day late, is better than no tenant or one that doesn't pay at all.

@Alicia Hensley  not the case what you have is laws that WA and OR passed about 5 years ago that relate to buying a property in Foreclosure.. they are anti equity skimming laws. and there are HARSH penalties .. you would be best served to understand the laws prior to engaging in this activity. .DO NOT take anyone on a website forum like BP's advice as gospel... they are not the ones who will have to answer to the authorities you will. 

Rob,A bit harsh don't you think.

Not to sound harsh but if your inquiring on how to setup an LLC and never bought a note before - unless your a licensed debt collector with a lot of experience your insane to do your own workouts.

I hope this helps some and I’m sorry if I came across harshly before.  

That's a little harsh...thanks though.

The comps for houses in the area for my mothers house range from $250,000-$325,000 within a (0.5 mile radius) that being said the approximate ARV for my mothers house is respectfully $250,000 with a $30,000 buffer on either end, low end I'll harshly accept $220,000 high end I ARV potential $280,000. 

I'm not offended at all by direct/harsh opinions you may have!