If you call up a big corp and securities attorney in your area, you may get similar responses...from no response to, 'well i guess you gotta start somewhere' with no indication that they wanted to waste their time on a peanut fund.

Another indicator would be the cost of equivelant brand new homes compared to existing homes.In my area, it is still easily cheaper to buy than build.

There are several strategies available based on your specific situation Re: depreciation, It really depends on your individual tax situation.

4)If we move a property purchased through an individual loan and then try to move it under an LLC, do we need to pay transfer tax?

Have you considered and evaluated the prospects for converting the utilities to being individually metered per unit and then paid by the tenants?

Is it best to purchase individual notes on a case-by-case basis, work with a group of private investors pooling money together or ????

It also depends on the individual you are mentoring, the local market, etc.

But before I start I would like to mention, like Bill said, the idea of buying an individual non-performing note directly from the bank is an unlikely scenario, unless you have a lot of capital to buy in bulk.

Personally, all I want is an address, a price and a couple pictures to indicate the general condition of the house.

John Thedford, the cost doesn't really concern me and I don't think it is an indication of their success at placing tenants.