Any suggestions anyone has for good books or do it yourself guides are much appreciated.

It sounds like you have some valuable experience in the two markets.John Corey

There are several good mortgage people on this forum who can guide you in that department, they would be better able to coach you on exactly what you need in terms of capital. 8)

Take a look at our Real Estate Investor FAQ and look at the bird-dog section:http://www.biggerpockets.com/investing-guide/

Consider Ray Alcorn's Dealmaker's Guide to Commercial Real Estate.

thank you so much for the quick response and for the information.Wheatie thank you for the the information, you have no idea how valuable that was and how it got me in the right direction.

Sometimes you have to wait on them for a long time (hence the deal above) but its sure worth it in the end.Take it from a former asset manager, with your system of staying on top of prices and timeframes, and making strong offers when the price is right, you're really on to something (as evidenced by your 9 REOs and growing).Congratulations my friend and thanks for sharing this valuable and inspiring story.

Is there some formula or some guide to determine this?

That interest lead me to Real Estate Riches by Dolf deRoos and The Beginner's Guide to Real Estate Investing by Gary Eldred.

If they're the listing agent, it is likely that they have provided valuable information to the owner, learned the layout of the owners property, informed the owner of their responsibilities under the law, listed their home in the mls for every member to see, show and possibly sell, advertised their home in print and online, fielded telephone calls related to their home, conducted showings of their home and maybe even held an open house or two.