You can buy the note real cheap, foreclose on the property and rent or sell. ...Another alternative is buying the note at a discount, doing a loan modification with the borrower (so that the borrower is able to perform as agreed), and then collecting cash flow from the modified loan.

It’s not vitally important, but it’s a case where spending an extra $20 can make it look like you spent an extra $500.

He chose one of them (with slight modifications) and that is what we went with...To make a long story short, we are now using a Wyoming Limited Partnership to hold the properties with a Wyoming LLC as the 1% General Partner.

I know there is a lot of potential in Baltimore because I receive emails from wholesalers every day, but like Ned said, it's VITAL to know the neighborhoods3) Join a local REI meetup (actually, I've already done that, but have yet to make it out to any meetings)I'd be happy to share my experiences and what I've learned so far looking at properties and visiting different neighborhoods.

I contact (or attempt to contact) borrowers regularly as part of my workout strategy, but if I am working in a new state I check with the servicer since they know the state laws better than I do.Regarding the loan modification question, you don't need a mortgage brokers license. 

Cash Flow properties are vital to your Real Estate investing endeavor.If someone is willing to lend you the money to purchase the property under your name by all means go ahead and borrow the money and occupy it. then refiance to conventional loan. 

If $500 towards a deal is a "carrot" for consideration, other vital issues/barriers exist to funding a good deal. 

Just to touch on what Ben Leybovich mentioned, knowing yourself and your goals will be vital in determining your strategy.

You need to know if they will sell, about how much they are behind, when the sale date is, who the lender is, have they done a loan modification before, and many more things like that. 

I don't trust Zillow for displaying the vital information that landlords really need.