If you have the deal under legal contract, you can either sell (assign) the contract (if you used the words "and/or assigns" in the offer (which is what most wholesalers do) or if you didn't use those words (like with Bank REOs, which won't let ya) you can do a double closing, which means you buy the house and then re-sell right away (within minutes).

If you hire a property manager (10% of rent), you're left with 3% of rent for maintenance/repairs/capital improvements/vacancies/legal fees/fines/nonpayment of rent/the list goes on & on.Stay away from condos if you can.

The secondary market limitation is by property, not by the number of loans, although fannie says it's the number of loans in the secondary but obtaining a blanket loan on 9 properties does not put you into a position of a small investor for underwriting purposes, 10 units, 10 roofs, 10 legal descriptions owned and financed by any means puts you in the RE investor category, need to live with it and get with a bank and begin setting up your portfolio as an investor in the RE business.

This can include a $5k processing fee and the rest set aside for required third party expenses (appraisal, environmental, and property condition report) and legal fees.  

You do not need to subdivide 40 acres or 10 acres off a larger parcel that leaves you with more than the minimum required for a legal plat or lot, not in Kansas.

Just to be legal (in CA), you need write to the tenant that you're cancelling the card, and give them the new method of payment in advance.

If so how and is it legal?

The homeowner has the legal right to negotiate on their own behalf.

In turn (if it's at all legal for me to assume a modified loan, I will rent it out at the rates listed above.Regarding the back taxes the bank has paid her back taxes I believe 2 years ago as the home was in risk of going to "tax sale" (I've already verified this on the Los Angeles County Property Assessor website).

J Scott - apparently Stephen Masek is a recognized expert in this area; see this link that appears near top of Google search results:http://www.nachi.org/forum/f21/asbestos-still-legal-dates-bans-12239/