As long as interest rates remain low and banks are busy with more foreclosures than they can handle, the risk is low.

Storage is not typically a NNN set up (it could be if you master leased an entire facility to an operator and they handled the day to day but that is not cusomary in this space).

It's a called a "waiver of deficiency" letter and do not close without it.Do not believe anything the bank says unless it is in writing.You also have to know which department you are talking to.You can get conflicting information depending on if you are talking to customer service,collections,loss mitigation,the short sale department,bankruptcy department,and the foreclosure department.In big banks these are all separate but in some local to regional banks one person might be handling multiple departments.They will all look at it differently with various goals in mind for the the loan file.

If not, contractors may ask for payment for their time to prepare the bids.With experience, you'll get a better handle on estimating costs.

I have been sending blanket text responses from my computer saying the home is being remodelled and to stay tuned for new pictures, ad description of upgrades and new price.Is this the best way to handle this situation?

They might be bamboozled enough without the forms to get HUD to handle it.

If that is the case, perhaps the answer is to build better systems and better relationships (or more of them) so that you can increase your local deal flow.Flipping out of state without an actual partner with boots on the ground is a very tough challenge and only for the very experienced investors who can handle and adjust to the problems they WILL face.

Unfortunately the offer for this property wasn't done under the LLC (since it wasn't formed yet), so we'll have to handle the transfer to the LLC later on.Question about tenants - this property has a current tenant whose lease is up at the end of August (and won't be renewed as this tenant is getting married).

You also need a registered agent, and I pay $100 for a professional service that handles this.

Sounds like you may have created a taxable sale based the information you have provided.Like Ryan said 1031 exchanges must be handled properly otherwise they won't be recognized.