Nothing formal needs to be said to him.

Form an office that does not have many distractions and your own place could be it as long as you can close it up and be formal so that it feels like an office.  

Granted the judicious use of Credit is a way to make Money, but, when you are just starting out and you have to borrow to buy, why would you buy anything that but, your own Home and live in it?

You need to ask to see the documentation that enables your seller to pass marketable title.An an informal (summary) probate, you would entitle the seller as Mary Smith, personal representative of the estate of William Smith, deceased.If a formal probate, they will vest as "Mary Smith, Administrator of the estate of William Smith, deceased."

However, they are not in the commercial list sales business and may have policy conflicts that require formal FOIA requests and pay the associated costs.If you are just starting, I suggest that you start with foreclosure lists.

As your quote above says, because there is more demand for that "Safer property" it gets bid up to a higher price = lower cap rate.Here is where many that formally trained in real estate but are not as familiar with creative deal making miss an important point.

Is the property located in a judicial state where the foreclosing attorney has to go through the court before the foreclosure sale can be stopped?

Also, I'd probably focus on a couple non-judicial states (faster FC) and a couple judicial states.  

I've been on BP for a month or so now and I've learned a ton, so I thought I'd thank you all and formally introduce myself.

Occasionally we see judicial foreclosures where, for whatever reason, the foreclosure was taken through the courts and the judge orders a sheriff's sale of the property.Hope that helps.