Bank forecloses on borrower and complies with all the requirements for non-judicial process. 

*Not formal legal advice.

This is assuming that the LLC and the members are following LLC guidelines by keeping personal and business assets separate and following the formalities of the LLC operating agreement/local entity law.  

@Travis Provin....I would try to keep both idea alive as they make sense  and then  start  searching for the right  opportunity -  if you havent already done so - get formally  pre approved  so that you  can be prepared  when and if you find the  right  investment  opportunity 

I guess I got lucky before, in that no one took it to the next level and reached out to the division of civil rights to formally submit a complaint.

now imagine working with a homeowner in pre-foreclosure which in my state is a non-judicial foreclosure system, 111 days start to finish, and as a wholesaler you put the property under contract, work hard to find a buyer but can't, and somewhere down the line you decide to back out, "sorry mr homeowner, I changed my mind

Give her formal notice. 

@James Armstrong- thanks and good luck  1) fyi - you can put down as little as 15% of the price  if you want to  conserve  cash  and assuming the  proeprty will be a  1 unit   2) if you havent already done so - get  formally pre approved  as this will get you  organized / prepared and  familair with the present numbers  ( rates/ fees / costs / payment amounts  etc ) 

3) get formally  pre approved  with a lender if you arent already 

And what I am saying is it takes sales skills to close deals and get top dollar with out well you know.A couple of my fishing buddies own car agencies and do quite well and they are not formally educated they worked there way up in sales... sales is a unique animal that has little to no relationship to formal training other than taking sales training courses .. from the likes of the masters.. who would be deemed Guru's on BP  LOLThe world is just full of those that rise to the top of their professions.Lawyers are classic examples ... some that are not that swift end up doing SS law for binder and binder and make 60k year... others end up doing Tort law cases suing big pharma or what have you and buying G 5 's to roll around in.. they both have the same education.