:1)Find an investor who would double as a source of money for down payment and a cosigner2)Use an FHA loan (3.5% down if I live in a unit) to buy a quad-plex3)Use the 203k aspect of the loan to improve the quad-plex and force appreciation in the property4)Refinance in a year or two to a regular loan and pull equity out to either pay off my outside investor or use equity for another down payment on another quad-plex5)Repeat With this plan, I believe I will be able to cash flow from day one because I will be able to rent out three units to college students around campus who are willing to pay higher rents than most.

No negotiations can occur until after it is listed,the owner supplies all the required short sale documents, and a purchase agreement with a buyer, that the bank deems legit (POF, etc.) is submitted.  

Plugging numbers form local property managers into maps and spreadsheets, analyzing home costs vs. rental income vs. population growth and a few other factors.

Get the family contact info from your friend and a couple of days after the funeral call to let them know you heard the home may be listed and you are interested.

We've been chatting with insurance brokers and a couple things have come up that I'm not sure about and don't know if they brokers really know either.The property will be owned in the LLC's name.

I'm a helper at heart and a total newbie...I've been talking with a gentleman that has a rental property I'm interested in for buy/hold.

more than likely your strategy will not work the hard money lender will want first position and a conventional lender will not want a second

Along with a check list and a timeline for the process.

It has major universities near by and a growing mobile population.  

They have two programs - and the prices start at $499 annual subscription (but have to pay all at once, but tallys $33 mo avg)...and a more expensive Platinum Plan, that right now is almost another $500...but has additional categories, as well as being able to search according to Equity in the deal, and i think that is where they offer lots more offerings such as Loan/Mtg info; City/State Liens; HOA liens; and more.