The Fed painted themselves into a corner over the last decade plus, partly because the gutting of the manufacturing sector meant that housing & service had to take up the slack for the loss of jobs (direct and ancillary).

@Erin ElamOption money to seller is what you pay for the right to cancel the contract for any reason within the designated time frameEarnest money is what goes to the title company as your good faith deposit that is meant to show that you are serious about closing the transaction.

A condition of the cash for keys should be that they don't leave behind dumpsters full of things.To me broom swept meant 100% free of belongings and actually cleaned albeit not deeply.

the owner has no rights to foreclose unless the owner did a wrap or a second behind the first that is being bought sub to.. but those are not what those trying to do sub to are gunning for.. the old owner gets screwed in this scenerio and has no foreclosure rights so not sure maybe you meant something else.

I made sure they will not be collecting any insurance payouts meant for the building. 

Jeff S. sorry I meant to tag you.

But yes Cupertino is special case, it's all because of one men who made the town so affluent (meant Apple).

@John Cardinale I meant that you can use a hard money lender that offers DSCR products, as traditional lenders do.

I meant condo (I should have been clearer).

-The correct answer is, it depends on the Class of the property.BTW: there is no industry standard for Property & Tenant Classes, so the definitions are fluid depending on the location and investor opinion.We're in the Detroit market and if you'd like to know more about it, please PM us.