That being said, I believe even if you purchase the property, you do have to obey the lease the tenants are in. I

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

Thanks David, it would indeed be scary if my property is the only one left that B of A is right side up in :)I would think there is someone out there that would loan $600K on a first with a 50% +/- LTV with a strong FICO.......but no income??

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.

It goes without saying that the FMV is something I need to research more before I dive in. I

Or a net listing - as in I give you XX for the property.

I would think that making 20 or 30% of a deal anyone of his Realtors brings in is still 20 or 30% - regardless if the Realtor does 100K in sales a year or 2 million.Am I missing something?

The fees on these smaller properties are steep (as percentage of investment), so having to do it twice is tough to swallow, but its looking like I need to plan that in. I