Of course, it is on you to do your homework (which you are obviously doing) but if you don't see many deals and want to get into the game in your area, at some point you have to hold your nose and jump.

@Rob Beland hit it on the nose for you @Christopher Reynolds .

That way it will be easier to be hard-nosed and evict someone if you have to.There are tons of international students at U of H, and there are also tons of international (mostly Chinese) researchers who work at the Texas Medical Center.

And as a broker I would have clued you in up front when I'm working I know what I am doing and don't need some whiny snot nosed kid in the back seat saying  did you get a buyer yet?

Remember a few years ago when they were sure that flu was going to spread and cause death, they were watching every person that went to the ER with a runny nose, and it ended up being nothing. 

Also, we are interested in the property for a permenant residence and we like the place but it does need some work, which we are willing to do but we don't want to pay thru the nose for it as this would likely diminish the decent deal we would be getting with an REO.

We've both got a nose for a bargain, and decided that we need to put it into systematic practice.

Of course generally I just told the seller that his mortgage was not very valuable, that they generally sold at really steep discounts and (judging from his runny nose) that he would be really lucky to get 50%.

Most I have seen use a fee agreement with the NCND on the commercial side.The fee agreement has a disclaimer that they are not a securities dealer,financial planner,mortgage broker,etc.It simply states they are a business consultant and xx number of points will be paid from the closing to be put onto the loan.Basically a fee for bringing two parties together on the commercial side to do a transaction.This can be for energy,gold mine and other deals as well.The key is full disclosure.Residential is highly regulated unlike commercial.On the commercial side everyone is trying to slam in deals before the government wants to "regulate something" and stick it's nose where it doesn't belong.On the residential side you have the Georgia Residential Mortgage Lending Act which ALSO states you are NOT allowed to counsel people with loan modifications etc. unless you are licensed.So as said the feds have rules and the states have rules and you have to make sure both are covered.

Now you may find somethimes that what you seek is right under your nose just keep looking 8) !