Dwayne I would say to do what I would do.Hire a Management Company (one with a good reputation) and let them handle it from there.

So I would not venture into buiness of this sort (Bulk REO's, NPN, etc.) and let the professionals handle their business cause they know what they are doing.

If you locate the properties, manage everything and handle any needed work & the other investor puts up his money you'll split the deal 50 / 50.

I'm still a bit confused on the toll-free phone numbers for taking calls. I can't figure out what I need to set up as a new investor. I don't want to put my cell phone number on my marketing pieces, so at a minimum ...

It takes time to post ads for new renters, handle emails/phone calls and find a good replacement.

There are so many variables, I don't find it useful to try to create a uber-spreadsheet to handle all the variations.

I think my tenants did the correct thing and handled it well.

I have not been doing this long enough to get a good idea of what the term HUGE means in real estate... in my mind it would be something like 70%... thats HUGE... but from what I have read 30-40% is considered HUGE... so I guess what I need to do is get a better handle on what kind of discounts are out there (by finding these deals) then I may be better able to define HUGE...

In essence it was like a million people that don't know how to handle money winning the lotto at the same time.

I live in Norfolk, VA and the process takes 6-7 months and you have to go through a law firm that handles the properties for the city of Norfolk.