I speak only as an observer as I've never owned paper other than CA until my recent NPN JV partner created our hedge fund.My point is that a DIL may still be a viable option if foreclosure is started but is a lengthy process.I say, if possible, door knock the owner's residence and get a dialog going.

However if your interested in an otherwise prohibited general solicitation you can elect to use a private placement under regulation D 506 C or the more lengthy process of Regulation A.

Keep in mind I do not have the luxury of spending days driving around to learn the market (unfortunately everyone recommends this, so I will have to be extra careful with online research instead) Thank you for taking the time to read this lengthy post.

(Great way to starting building a realtor-investor relationship)The bank makes the final decision regarding price after they order either a BPO or Appraisal or both depends on the lender.The short sale process takes usually takes 90-120 or longer days depending on the sellers cooperation and how fast the agent works with the bank submitting paperwork received from the seller but ive seen them go 6-12 months :(One warning really try and screen your seller to make sure there not using you the agent to just buy ore time in the property you must take there word on this but hopefully they have good intentions.The uglier the property for me personally I only love properties that look like the guy from lord of the rings (The Precious)Sorry for the lengthy reply just wanted to be thorough.Good luck!

However, the Lenders all want to see a more lengthy experience with that income (typically 12-24 months) before they count it as income.

It's a bit lengthy but this might help: http://www.biggerpockets.com/forums/311/topics/140...

The legal process can be lengthy, so really, as I said to start, it's all about your risk profile.

Just make sure that all the investments are truely arms length is all I'm saying.

But given that you are 13 hours away, the lengthy foreclosure, and the fact that they formerly owned the property, I strongly suggest you have a professional do this one.

If they lose their job, you could be facing a lengthy eviction process.