You can make your offer Subject To.( I Mark Pedroza make this offer Subject To Simon Ruiz being confirmed by the court as Personal Representative of the John/Jane Doe estate).This can be done while the process is continuing without waiting for probate to reach Final Distribution.As long as there is paperwork to show the bank regarding a possible sale the institution may balk at taking back the property.It would almost be like a shortsale.

This pushes cap rates down/prices up, and makes it harder to get a good return on your investment without getting creative.Many small but wealthy investors find a niche between institutional investors and small investors in an effort to find better returning opportunities.

The one member assumes he can't participate, but I wanted to get a clearer understanding and perspective thru third party opinions.

I’ve worked with a few institutions and there isn’t a bare minimum that they are looking for you to by.

Going forward I'm instituting a RUBS in the 9 units, and the utilities in the 6 unit are already sub metered so I'm not sure why the former owner did't separate them but hey that's a win for me. 

My brother went through foreclosure during the '07/'08 recession and participated in some "cash for keys" deal. 

They have offered me the opportunity to participate in their purchase (for a preferred return)  by re-investing my proceeds from the trust sale back into the same properties.

Does that even matter and how will another institution view it later once the first has processed and I then apply for another.

Even then when I have gotten hard money its not that cheap.I also loan money occasionally and wouldn't consider lending at those rates as it isnt worth my ROI for the risk profile of a flip unless you have an established relationship (read 3-5 deals in the past year) with the lender.Most of the hard money lenders have private lending backers or institutional money that expects an IRR of 8-10%.

We'd like to rewrite/recreate this lien to include me to the amount of $40K, and him to the amount of $20K, so he can free up some of his capital and I can participate in this flip.