Farming it out to a specialist might limit your liability, can you get the deal done without a deficiency for the seller?

If I am not mistaken, Florida is deficiency state, so you will be on the hook for the loss.

If its a non-recourse loan (like in CA), the lender can't come after the borrower for a deficiency judgment.

The escrows are not available for investor bids and may screw you up if you plan traditional bank financing with the expectation that deficiencies will have an underwriting exception.

Their net worth is sort of irrelevant because if they can't pay from income and you can't get made whole from the collateral, it's unlikely that you'll seek their personal assets for the deficiency, assuming that's even allowed in your state.In commercial banking, we'd gladly go after your personal resources when seeking repayment under a guaranty.Point being, I'd list everything you own (and I mean everything), using honest attempts at value.

Deficiency rightsI think a lot of investors are entrenched in theory, but I am in the front lines battling day in and day out.

To credit the source, its keytlaw.com.Arizona's laws that prohibit deficiencies are found in Arizona Revised Statutes Sections 33-814.G and 33-729.A.

I have also seen many "investors: on there offering services in response to other posts.Check you local newspaper and TV station sites, we have some that have chat.School systems are on line and paraents post about the PTA with contact info.Any local organization,churches, non-profits, even businesses may have bulletin boards.I'm outta ammo, I'm technologically deficient, so I'm not that familiar with this stuff, but it's what I have seen.

More good news, state law may trump the deficiency in your state as an Act of God issue, so check with your local attorney!

If this is the case you need to find out how much and see if your investor buddy can come up with however much you are deficient.