My suggestion is to look at each individual property and see if it will cash flow.

I am looking for like minded individuals to partner up with in the Memphis market.

Officials launched a foreclosure-prevention program to help homeowners who have fallen behind on their mortgage, with loans of up to $7,500 per household.The city also recently passed an ordinance requiring owners of abandoned homes _ whether an individual or bank _ to register those properties with the city so police can better monitor them.Elsewhere around the country, advocates in Cleveland are working with the city to allow homeless people to legally move into and repair empty, dilapidated houses.

But just imagine, you buy 3 properties at a moderate discount, say 20K each with individual FMV's of 35K.. you now have 305K worth of property and owe 170K, and still a great deal of borrowing power.

I consider myself lucky that I got my college degree in high school teaching because that style of discipline and calling bluffs is what I seem to have to employ often with tenants.Jon's right though - doesn't sound from your post like "terminally ill" is on the lease anyway.

One of my friends suggested that if we form an LLC and pool our resources, we could buy more property, lower individual risk and get better returns.

Personally, I think it's individual preference.

This is why I teach people to learn the business the right way and do not try and take short cuts, because they will hurt you in the end.

If the court rules against the borrower, the ruling will include the total amount owed to the lender and the foreclosure sale date.The sale date is typically 20-35 days after the court ruling, but this may vary depending on the individual court.Good Luck to you as well.

I do not think the landlord has to be told at all that the individual uses a SA, but am very possibly wrong.