You might be able in a better position than many others to either buy it from the estate or assist the estate in finding a viable way out of the foreclosure by a) buying it from the estate or b) arranging its sale to an investor (and hence earning something for the efforts).There seems to be some equity there to work with initially, assuming there aren't any other creditors with claims in the bk petition.

@Roger Laughary Just wondering how you were able to get the initial loan.

Umbrellas frequently won't cover anything your initial policy wouldn't cover.

Would seem like it would be fairly easy to just contact the initial seller directly once they get wind I'm wholesaling it.

Are they worth the extra due diligence if the initial numbers add up?

My guess is once you got past the initial barrier you two had a real nice talk, whether or not you two were a good fit for business.

Ok, now that you have taken your initial step, below are some quick links to get engaged.http://www.biggerpockets.com/starthere http://www.biggerpockets.com/meet Setting up Keyword Alerts How to Use @Mentions on BiggerPockets 25 Tips for Real Estate SuccessREI can be very daunting, but, before you go searching for that 1st buy, please take a few minutes to bone up on the tips in link below.http://www.realestate.com/advice/buying-your-first-investment-property/

From other reading I've done, I know that many businesses feel there is an advantage to registering their LLC initially in Delaware or Nevada for purposes of helping to conceal ownership as well as Delaware's structure for handling business litigation matters. 

So you would need to initiate an action to "quiet the title" to remove any cloud on the title. 

This is sort of a weird question but bear with me......I work for a builder and am also an investor on one of our projects - we do new construction spec builds in higher end areas usually between 1M-2M......we've been sitting with our house a little longer then we expected at this point - we dropped the price 70,000 from the initial listing price and am contemplating our next move if we don't get bites in the next couple weeks....my question is how much of a drop is worthwhile?