you must be a realtor or broker.

Wouldn't you need to have a broker's license, or at least have a broker officially in on any of the deals (and presumably taking a cut) to make it less "illegal?"

if you get your real estate license - you'll be selling other peoples property among other things - primarily representing sellers (most brokerages do).you can get your license as a sales agent - work with a good broker - learn the ropes of that business and specialize in real estate investing - networking with other investors, possibly as a buyers agent.

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entering into an agency (agreement) with real estate broker that involves you as a buyer simply means that the broker is working on your behalf - meaning - you're the client and the sellers are customers.a broker or a sales agent that you enter into a buyers agency with simply give the broker of record an exclusive right to help you - you can't go off and close on real estate without them - for you, this type of arrangement is good because you have the piece of mind that the broker/agent works for you (you hope - even with agency sometimes agents get mixed up with this because it's the little things that make or break agency).as far as using an agent - they might be able to run comps for you, let you know certain things about a given area pertaining to rents, values, general info about the locale that may help you find the best for YOUR money.know this about co-ops - you're not buying real estate - you're buying shares and in return you obtain a proprietary lease to a unit which is owned by the corp.

I was told by my broker that if a property has entered pre-foreclosure, it needs lender approval before the owner can sell, is this true?

I found a great mortgage broker who also happens to be an investor himself.

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I would recommend that YOU start shopping around for different mortage brokers/lenders that don't have seasoning requirements.

I just don't think that's reality, no matter what the selling broker claims.You're overestimating the depreciation because you're using the 27.5 year schedule that applies to residential properties.