Frank Gucciardo - I think borrowing from the 401K is a good approach to enable you to go ahead and lock down a property while values are still relatively low.

Insurable title enables a smooth closing when you purchase the foreclosure property; but, it also makes the title defects potential sleeping giants.And, even if the giants never awaken, when you later sell the property your buyer will most likely require that you convey marketable title (which is typically the case).

I plan to schedule a number of interviews with contractors who respond, and would set up the interview on site in order to walk the property with them, generate a sense of competition around price and enable them to provide me with a quote and SOW.Has anybody used this approach?

You should also know your market and the current conditions, this will enable you to properly calculate your exit price and get it.

If I can't get at least 10%, it is not worth doing.This is why calculating y9our cash on cash returns is so very important in my book.When doing so, you may also include the principle pay down as that becomes income to you in the future, and the depreciation tax deductions you get which enables you to keep more of the cash flow in your pocket and less in Uncle Sam's.

It contains a detailed Cash Flow Analysis module which allows for inclusion of the 50% rule and the 2% rule, along with several other modules that enable you to make intelligent investment decisions and store relevant documentation and contact info for each property.

They come in with a cash offer (and actually have the cash to back it up) and a really fast closing, enabling them to buy at a discount from the list price, then assign the contract or double close - usually still somewhere below the MLS list price.

I have realized that the quick money of HMLs enables folks to do more deals, at similar costs. 

In fact you will just continue to enable the poor money management on their end.

If they don't straighten up, then file for eviction.Do not ENABLE your tenants.File that Notice to Quit ASAP!!!