I feel really awkward about discussing it with the tenants upstairs, because they've been really nice to me and I'm not sure if I should rat to the landlord about it because they might feel that I should have approached them first.

If you catch these before the property goes to auction to pay the lien, you could have some potential motivated sellers so I see nothing wrong with such an approach.

I was planning on contacting some of the owners in order to see if they are looking to sell or work out some sort of deal.Unfortunately for me this is coming at one of the worst times as I am about to have the majority of my liquid assets tied up in a purchase that is in the process to close….taking forever going on 4 months since the initial offer.Besides the aforementioned research I have approached my banks to see if I may be able to apply for a general pre-approval for a maximum amount so that if I was to jump on a deal I could get the financing hammered out in the time before final payment is due (waiting for a call back).

I have been approached by a good government based tenant on their interest in the building.

Your "find out the properties that are in pre-foreclosure call the owners and make an offer" approach, while technically correct, is very hard to execute.

So after I came down from the clouds I am trying to figure the best strategy to approach this situation.

The numbers are below.monthly income 8,400 at 100% occupancymonthly expenses 2,200 including taxes, insurance, water and sewer.I have read Mike Rossi's book and like his approach to expenses being 50% of gross rents when analyzing a property.

Long story short he owns the neighborhood and he is looking to liquidate these properties from his portfolio.So after I came down from the clouds I am trying to figure the best strategy to approach this situation.I was hoping to get some more advice from the BP nation.Any advice helps.

Forward projection based on actual numbers this year should result in a 50% profit after all expenses (including operating expenses).I know this is kind of an odd approach with respect to everyone else but in order to get where I want to get going, it is actually working out better than expected because of serious planning and number crunching.

INCREDIBLE two-story great room w/marble fireplace; NEW designer paint in & out; NEW fixtures & ceiling fans; AWESOME master suite w/sitting area, HUGE walk-in closet, jetted tub & double vanities.