Before the deal is done, you'll need a purchase contract with the owner (as Will points out, the bank is a third party), a "hardship letter" from the owner, and maybe other documents as the lender(s) request.The hardship letter will be a letter, preferable handwritten, from the owners explaining to the bank why they aren't able to pay, won't be able to pay any time soon, and that they have no assets.

What areas do you prefer to invest in?

I have finally decided on the route I want to go, and the niche I want to target.

Our group prefers using people that specialize rather than "one-stop-shop".

If preferred, an outsourced SEO expert could be hired.

I prefer foosball myself

I just would prefer to use someone else.

Strong preference for properties that are close to the light rail expansion projects that are currently being finalized in Houston.Hopefully the properties are cash flow positive, but I am willing to go underwater since I am expecting at least 10% annual appreciation over 5 years.Close in properties are very difficult to find (and lock).

most of the hard money lenders i have worked with actually prefer O/O properties.The problem i could see you coming across with is the 75% ltv.

I prefer a quit claim deed.