To my dismay half of that list included leads that were already foreclosed on, had done loan modifications, and or have filed for bankruptcy.Are there any better options?

It is vital in our march toward freedom to be able to jump on those opportunities at a moments notice before all that prosperity slips through our fingers.

Also loan modifications are done all the time when properties are upside down.

Both make word done on the house, especially modifications, more expensive.Did you obtain an asbestos & lead survey before buying?

I think it really depends.Do you want them out or are you willing to put up with the modifications they are making in exchange for money?

·Know What You WantWhether first time investor or experienced mogul, it is vital that you evaluate what it is you want to buy and why you are buying it.

Since most hard money loans are short term and interest only, it is vital to have a sound plan for what you intend to due when the full loan balance comes due.

Wow, didn't realize that people were overlooking Insurance as a solution.Requiring Renter's Insurance with a substantial liability coverage amount is needed.If you agree to allowing the pet's then this is a great opening to have them sign additionaladdendums and requesting a modification to the current lease for pet deposit or pet fee.The tenants changed the original agreement by adding pets.Hopefully you have the move in check list and/or pictures showing condition of property prior to them taking possession. 

Actually, I'd lean toward a short sale, list above the payoff and you can go down.Probably needs to address his personal finances with a professional and maybe a shrink, divorce usually means for a younger guy, footloose and fancy free, dating and toys, again, I speak from experience but didn't go broke or get in trouble at it (LOL).He might also look into a loan modification if he's in default, get the payments down.

I would not make the letter say anything about any issue but rather just say you're interested in buying if they are interested in selling.The issue of a new investor getting involved in a loan modification or catching up payments is having the bank assure the owner, in wrting, that the loan is to be reinstated, you could lose your money getting them caught up and then the bank just saying thanks, but you're still in default.