By doing so, there's no transfer of ownership of the building.So, technically, you don't assign the REO...or even the contract to buy the REO.

What you lack in technical or legal expertise can more than be compensated by offering to be helpful.For example, keep a list of handymen, tradesmen and contractors that can fix problems.

technically the bank owns it at that point...or do you grab them during pre-foreclosure...like before papers have been servedThanks just curious

Technically an hour north of Vancouver, WA.

(technically, they get an 8% preferred return and I get a 6% developer fee if all goes to plan, then we split any upside after that).In your situation, if you and your two buddies all put in cash, and all have some sort of management/decision making roles, you could divide the ownership and upside according to your capital contributions.

For instance you purchased a home cash, have no wages, no other income properties, or sources of income, and no experience as a landlord (some banks require you have two years of managing property, not us).what would be required:- signed and dated lease agreement for atleast 1 year- copy of security deposit- evidence of deposit of the security deposit into your account (bank stmt print out)Formula to use:75% of gross monthly - PITIA (Principal/Interest/Taxes/Insurance/Assessments)Assuming you have $0 other debt/obligations like you've mentioned you could technically cash out up to the point in which your income using the above formula breaks even/reaches $0.75% X Gross Monthly Rent(GMR) - PITIA = $0 or GMR = PITIA/.75Pro's of cash out refinance:If you cash out you could have your dollars working in two places at once.

She knew about it, and then alluded that since that was money technically due "after the close" it wasn't really her problem.

I agree, but technically there's been no breach of the lease yet.

technically it's 100 % cash out and by VA but most lenders out there limit their risk I believe at 90% cash out.I can do a rate and term refinance to 100% or purchase to 100% as well.

In fact, we're re-financing it and pulling out enough to cover what we put down on it + the air conditioning repairs so technically we're operating on infinite returns now.