It's not a requirement to foreclose judicially in most of the western states.Also, no, you can't put a loan in foreclosure for nonpayment in 60 days and go to sale at day 90 any longer (Thank the CFPB for that).

Is anyone interested in being formally pitched if my financing falls through?

I have little formal real estate investment experience, that being said, my mother has two rental properties, one single family and one office building and i have real several real estate investment books as well as listen to loads of the bigger pockets podcasts, so im not xompletely starting from scratch!

The partner then uses the K-1 to report the income on their own tax return.You can accomplish the same thing without the formality of an LLC, but an LLC is also going to formalize an operating agreement between you and your partner and establish some liability protection, so I would advise considering forming one.

@Michael OleskyWe meet a couple times a week just to chat about real estate...nothing formal.

Nice article Jarod,Another reason not to make a full credit bid can be if the lender has "true" personal guarantees it wishes to recover on after it completes a non-judicial foreclosure sale.A good California example is  Talbot v, Hustwit (2008) 164 Cal.

I made a tidy profit but could have done better if I would have not skipped one important step - a formal inspection.  

Those are much less formal, but still very valuable.

There are a lot of other ways to do this depending on how formal you want to be.

If it doesn't go under contract, I remind the selling agent that I am still interested and that my offer is valid until I formally rescind.