We are both new to the game, and when I say new I mean really have only limited knowledge.

i dont know...i do know at $300 it still makes damn good cash flow...the property is still marked active and not UA yet...but i have a hunch its going to be foreclosed onim also not worried about having an empty apartment, thats part of the game...in my market i can fill these 3 or 4 bedrooms in this neighborhood very fast even in the winter, they are way above average units...if i can get it at $300K- great if not o well...im not planning on getting this one, bc there is another (supposedly) offer that is higher...there is a chance the realtor was pulling one on me, but from the start i said i'd go to $300K, therefore i started at $270K

This same software was designed by the banks to use for themselves to help insure they do not violate TILA and RESPA laws.

And as a web/software developer I'd love to build it.

The bank is going to be a whole different game, like you said. baby steps....Yes I'll definitely be getting an attorney if I see this going forward....no question about that for sure...

Otherwise, it's hard to know what you should pay for, or whether your should engage, a property management company that will generally take 8%-10% of your revenues.In addition to finding a good book - Nolo's got great ones, and Jeffrey Taylor's Landlording Guide is fantastic but more comprehensive - I'd also recommend looking at property management software suites.

I just hope that I'm not getting into the game too late.

I am not an attorney or CPA but I did stay at a Holiday Inn Express last night so…RE is a relatively simple business (I did not say easy necessarily) that many complicate and take themselves out of the game before they even get started.

This is final nail in the coffin for the investor but an absolute windfall for the tenant.I'm convinced most tenants come out of a foreclosure well ahead of the game.

No one seems to be winning in this foreclosure game and as people have said, you are lucky the banks didn't kick you out earlier.I have heard of it being possible to rent directly from the bank... more and more banks are setting up divisions to handle this.