This is one of the reasons why I believe teaming up with a mortgage banker over a bank or credit union is more beneficial to investors and consumers.

@David Morgan, it sound like your thinking is solid to me from a consumer side of things.

I  have no experience in the field of real estate and have just been consuming every bit of info I can from BP (which has helped a lot.)I have been listening to podcasts, signing up for every webinar, analyzing deals daily using the calculators. and have recently purchased a few books from the site that I will begin soon. 

Secondly, depending on your state laws (and left coast consumer laws won't help you)  the old "hold a QCD to avoid having to foreclose" usually won't stand up in court.....referred to as "circumventing foreclosure laws".I'm sure your market there is competitive, so the worst he'd probably do at foreclosure is the property sells for $600-$700k and he walks with $400-$500k cash.....probably much better than you'll do for him.

I think the most time consuming part will be writing the shipping addresses by hand.

And lost on many is that the process to find leads and do marketing as an investor or Realtor is basically the same.So, I wanted a flexible schedule (because I have a job), this was huge and I didn't want my real estate activities to become all consuming of my time away from my family.

It really matters they are time-consuming and complex.

This is my first unit to manage myself, and just looking for ideas and thoughts from those more experienced who’ve been here.

As you can see in this thread alone, all but one response is from someone affiliated with a consumer service provider for retirement accounts.

As an architect myself, clearing the red tape and getting through the municipality review process to attain permits and then the contractor complying with the necessary inspections can be time consuming.