Our friends have one that is legal right off I-15 in Washington (can't think of the name of the complex but it has the fishing pond, pool, etc).

@Logan Allec  thats defiantly something to look at. im willing to commute to achieve my goals, so i think might have to broaden my search a bit . thank you 

I don't really see HUD getting to involved in a residential equity fight or foreclosure, unless there is an issue for bigger fish to be fried, like investors being scammed and such notes were given as collateral for other investments.Buying a note from an individual usually doesn't give you much to fall back on in the event of fraud or omission, they get the money and spend it, how would you force them to repurchase the note if they don't have the ability to do so....The proper origination and compliance of origination can be covered in the purchase contract for the note, a repurchase required if the note is found to be worthless, but look to the ability of that broker or "institution" to do so.On any note originated after July would need either the seal and number of a MLO or the Bar number of the attorney who originated the note for me to be comfortable, perhapse if I had true copies of the transaction and could show clearly that the seller was exempt in that transaction, I'd consider it.

(I don't like tap dancing in mine fields.)That all said, it is always my intention to understand processes fully and to broaden my knowledge.  

Given my pick, I will stick with the sunshine, awesome fishing, no state income tax, and affordable investment properties that cash flow! 

I prefer to fish in the larger pools of deals.  2nd's are a very small pool of potential deals and currently there is little inventory and they are overpriced.1st's are easier to raise capital for.  

I am fishing for new titles that I have not already read.  

* For How Much, Etc.I think narrowing the fish net would better identify someone to work with you.Let me know if you have any questions.Regards Joe Scorese

What you describe is an interesting scanrio - it makes you the commercial fish in the residential pond.

A great place to start is the local REIA down off Fish Hatchery.