Now I want to do this in a more serious nature.

This is commonly known as the "Prop. 58" form.You will want to understand if establishing a second lien will create a reportable liability that will need to be taxed - I recall that there is a minimum interest payment the IRS will assume to exist and naturally expect to receive income tax from.You may be able to purchase the life insurance policy your self on your mom and that way you would be the only one who could change the beneficiary.

I've got a background in sales - so translating that in to my investing came naturally for me.

Select a mortgage banker/broker/company whether its may be the mortgage department through your current bank/credit union who can actually pull your credit and may advise you on what mortgage products/programs that are available based on you credit score or the minimum credit score required for certain mortgage programs , income and things of that nature as well as the price range in which you can qualify for which may be higher/lower than the range you are currently looking in.Many areas have a larger inventory of distressed properties, which may be foreclosures, short sales or bank owned (REO) which sounds like what you may be touring now.Allow only 1 mortgage broker/banker to pull your credit as too many inquiries can affect your credit score.

She dug up an email of a similar nature on that property, CCed the listing agent, and added into the body "my client would like to know what is the status of his offer.

They can be excellent properties, so long as you don't have to rehab them.We have a historic theater here in town that is on the auction block arising from the rehab costs going way over what was expected.It really depends on the historic nature of a building, the restrictions imposed and your market.

Roommates naturally generate more money.

They wanted to(and did) let the property go back to nature.

You may call the title agent who did your policy and simply ask if they will endorse you as a natural person with the QCD to be safe and see what they say.

As these deals surface naturally and attention is drawn to them is when a regulator may get involved, they don't have to search for them. :)