As Jon stated, once the foreclosure takes place, the property becomes an REO and an subsequent purchase would be for the home and not the note.

You are thinking about making an additional subsequent purchase of another building through the same multi member LLC, a different LLC/entity or personally?

That property as well as the subsequent properties I invested in have appreciated well and provided decent cashflow.

I think what would signify a crash is another major spike in foreclosure and subsequent financial crisis.

Subsequently, the PM should lock and unlock the house. 

Let's assume it is 17.767 cents a day for the 2012 taxes and 14.794 cents a day for the subsequent years.

The I purchased my first investment property and subsequently saved the cash flow, coupled with my full time job income, to acquire my second and third which is slowly creating a snowball effect growing a real estate portfolio.

It got foreclosed on and was subsequently vandalized.

Since I will be doing this more with other investors that I have pre-relationship with, would it make sense to set up a bigger fund with first close being $450k, and subsequent closes to be $1M plus.

Subsequent posts identified Fuquay and Cary.