And reduce the value by six figures....That owner was just doing what many other foreclosed homeowners end up doing ...If this sort of behavior is noticed by the legislators in the state of FL, don't be surprised if they don't extend the basic concepts of that equity skimming provision to this sort of investing.

In this case the LTV would be 40%, not usually a number depicting desperation.Maybe I'm not understanding the thread...Edit: sorry, title says it all "practice", you have the concept, but this scenario is FAR from reality.

An interesting concept, but I feel like I should have enough cash to cover the few day gap between paying the mortgage, and getting rent checks.

Ali Boone great suggestion on investing outside your local area...I assume that concept can also work with wholesaling, that's if someone had their numbers and strategy laid out so that no matter where you are the process works regardlesshave u done any wholesaling deals outside ur local area?

Is this the best way to do this, or is there a better/simpler solution?

Over the last few years I've slowly been dialing down a business concept and have been positioning myself to start my own property management company here in Portland Oregon.

I have done the same thing you have, but I quit sending them out because my life is hectic; that and because I started to wonder if all the concepts I had been using were old tactics that didn't work anymore.

I would explore some concept like that opposed to waiting around for the current owner to "find it" which can be years from now.

A little different than an apartment, but same concept.

Again I am no way married to this particular deal, but wanted to learn some of the concepts and strategies of a creative deal structure.Thanks for taking time out of your busy schedules to help and mentor a young, inexperienced, but ambitious real estate investor.