What you are seeking to do violates RESPA rules.

Tell us a little about your real estate investing goals and experience.Please use the Make Deals forum for seeking a mentor.

Lastly , don't buy any expensive courses there is tons of posts about you area on BP and lots of BP members are in your area so I would seek them out.

I would also suggest that they seek a different lender that uses a non-crazy appraiser.

Even if its is FHA approved you will want to know when it expires and whether or not they will be seeking 're-certification' before it expires.

If the amount is greater than their loan balance and back payments, interest & penalties due to the bank, then you can purchase as a 'normal' transaction.

It's taken about a year, but I just got word that I should receive a final determination in a couple weeks, and it should be favorable (fingers crossed), meaning any future ruling the IRS or DOL makes on these types of retirement products in the future can't come back to hurt me.Fun fact: If you flagrantly violate ERISA laws with how you use your retirement funds, the penalty from the IRS/DOL can be loss of your entire retirement portfolio PLUS 10% or more excise penalty that you'd have to pay out of pocket.

If you have a $500 HOA lien and $2,300 in penalties that you paid off to own a property free and clear, even in Vegas that probably constitutes a killer deal.

And like Dion said, he is probably a good candidate for the bank to seek a deficiency judgement on.

The best program for those seeking checkbook control and maximum flexibility is the solo K in my opinion.