There was a law passed during the Obama presidency called Protecting Tenants At Foreclosure that covers this; it was amended as well, so you will want to look at the amendments because they clarify some issues. 

I have had this discussion on the phone many time with the vp or presidents of banks.

If you form a one-member LLC, you must obtain an EIN for it only if you elect to have it taxed as a corporation instead of a sole proprietorship (disregarded entity).

````````````````````````Now find an attorney, get a recc from the REIA president.  

Jauffrey I was going to start a real estate business when I came home from Iraq, instead elected to go on another deployment (kuwait)to get to the point I been interested in doing what your questioning except at a smaller scale maybe 2-10 units.

But, if you see yourself getting into wholesaling / flipping any time soon, there is tremendous value in setting up an LLC and potentially electing it to be taxed as an S-Corporation.

We bought it about 2 months before it would have hit the market, which is very rare.You can search for Will's experience of getting to know bank presidents at local banks and having success that way.

Address directly the bank president/CEO.

It will also create downward pressure on the rental rates that will squeeze undercapitalized small investors out of the market.Another related trend I’m watching closely is the often floated concept of removing the mortgage interest tax deduction after the 2012 election cycle.

Bill -This seems like a major slippery slope...What if someone went crazy in a supermarket, yelling, "Obama is a horrible President and he makes me want to kill people!!!"