I don't show the unit without a pre-screening phone call first, and I ask them to either call me at xxx number, or send me their number and I'll call them. 

If your looking to invest out of state, you can do flips or get involved with buy and holds, the sky's the limit!

If you're looking totally passive with the same kind of money that @Steve Bing was looking at you're almost totally limited to TICs DSTs or something resort managed like a ski condo or a condo-hotel.

Bought an owner carry house this week: 10% down / no points / 10% APR / balloon 6 months (it is a flip). 

This is my first experience with a pre-foreclosure like this...  

I'd make sure with your first offer you at least have a pre-qual letter with it.

He said that this was really Shady.I informed him that getting a Pre-Approval from one bank does not mean I have to stay with that Bank.

Two current leads. a pre foreclosure , and woman needing to move ASAP - but house needs a lot of repair....and IMO she wants too much for it....so prob no deal.

@Renee R. for this type of situation see if the tenant will get a pre-paid card, such as the NetSpend card, as they can use some of those cards like a bank account for electronic payments.  

I've owned both for quite a while, so there's no seasoning issue.The first loan quotes came in at 5.5% APR on a 30 yr fixed with 1.5 points and over $1,000 per loan in lender fees.