Getting details on specifics like these would help you negotiate much better with the seller.Out of curiosity, you mention 70k total investment...

I've heard of people doing this by offering to payoff all accrued costs of the house and giving the owner a little money to walk away with. 

Out of curiosity why are you looking for a portfolio lender?

If so, be very careful when screening tenants, if you use similar criteria, you'll quickly subject yourself to fair housing violations & maybe even civil rights violations.Hi Gregory, I asked that question out of curiosity and noticing that most people that commented on my original post were male.

Just out of curiosity.

And yes you need to know about prop tax liens, IRS liens, etc.Basically you need to be able to do your own title searches and attend the trustee's sale with absolute confidence in your information.And out of curiosity - whatever auction you are attending this weekend isn't a trustee's sale:2924g.

Then you'll be on a draw on the additional $40,000 and they pay it directly to contractors I'm guessing as needed and the interest starts accruing on that when disbursed.

At this point I think our ultimate focus is going to be on rental properties, however wholesaling is triggering my curiosity is well.

I always like to peruse other peoples deals out of curiosity and also as a way to learn more.I am sure you will make some serious money with this.

The note was accruing at 7.25% for 7 years + tax and legal expenses.Problem solved,thanks