their credit is already trashed with late payments and NOD filed.. the actual foreclosure is just another nail in their credit coffin. 

@Jay Hinrichs hit the nail on the head here.

@Brie Schmidt nailed your question, I know you couldn't assume an FHA loan but didn't know the answer about VA (which makes sense) so glad I know the answer for next time.

.^^ @Anthony Theokary seems to have nailed the answer in 1 shot.

“Deal dog” daily email sends me the same crap from Craigslist (other wholesalers listing properties) and auction.com (exclusively foreclosure auctions).My three day cancellation window has passed, but one more strike (testing again tomorrow), and I will fight tooth & nail for a refund.Not happy thus far...  

The quickest way to address this in my experience is marking out floor joists and nailing them off every foot or so.

@Ben FrenchYou can find more expensive notes in major cities but two things typically occur with these types of assets.First is you will pay more the note and second is the borrower is significantly more sophisticated and will also employ a legal team and fight you tooth and nail to keep the property if it does have value.

Forty years ago we had gurus, the difference was that the gurus then weren’t anywhere near as polished, their sales/marketing system wasn’t any where near as refined, and that the most they ever hit you for was “a complete system represented by 3 workbooks and 24 cassette tapes’ valued and sold nationally for $999 but if you order in the next 24 hours you can have all this for $499”.

Your conversation(s) should be with your PM, not the tenant.They may need to screen better.They may need to take more effective action and sooner.Travis hit the nail on the head - another phone call from someone won't get tenants to pay faster.

This number seems to be somewhat tricky to nail down.Are there better or worse areas to invest or watch out for, for whatever reason?