Welcome to BP, Lavelle.Might use the search feature as to wholesailing pre-fore-closures, it's been discussed and since the laws that apply to pre-foreclosure issues are federal laws, yes, the apply to those of us in the mid-west and then there are state laws from state to state.There are some real issues playing with folks who have been given a notice of demand/foreclosure.

I am at a stage now in the development of this business where I am trying to make sure I am following all the federal and state (Wisconsin) regulations of wholesaling real estate.My question to the community would be, what are some free and/or very inexpensive legal resources that understand this type of real estate business.

Sometimes, if someone cannot afford to pay local property taxes, they also cannot pay the federal income tax.

To add to what Karen correctly mentions, there are many new Federal laws, including those created by the Dodd Frank and S.A.F.E.You will not sleep at night once you begin to realize all the pitfalls, rules, and regulations.

@Karen Margrave Actually a federal appeals court in California ruled that taking pictures of people through their windows is legal as long as your not standing on their property.

It doesn't matter what your net worth might be, it's going to be near impossible for you to get a federally insured mortgage if you file as a professional gambler.

The risk is if you cannot return the money by the 60 day mark, you will have to pay 10% penalty on early distribution/withdrawal plus federal and state income taxes.

I've been down this road before and I would tend to think that the IRS is interpreting Federal law correctly.

No you can not that is under federal protected class for familial status.

Read more on the biggest takers of public money during the Fed bailout here: http://www.bloomberg.com/data-visualization/federal-reserve-emergency-lending/Bank of America whistleblowers cited examples of how Bank of America employees were administratively giving the run around to borrowers seeking loan modifications or due process on their foreclosure process.