I have a long commute to work so I've had a chance to listen to about a dozen podcasts so far.

I usually have the servicer make contact, assess the financial situation, and pass the info along to me. 

It's not all wholesalers in general, mind you, it's the fact that I have talked to several dozen newbies over the years and have yet to buy anything from them.

When the current owner took possession, assessed values, etc. 

Listen to a podcast and read through a dozen posts.

My background is as an internet entrepreneur (ie: code geek) - been at it for 20 years and have worked with over half a dozen start-ups.

In a dozen years and with a dozen properties I have never had a tenant lock themselves out.

Two part question here...I'm looking at purchasing a 4 unit building that is assessed at 150,000 and is listed at 125,000.  

Markets vary but I have been told the average assignment fees are 3K-5K/property if you can get a couple dozen of those over the next few years you should be able to pay off all that debt.

Bottom line for us:  2 sold properties does not make for a good assessment of the ARV & your September ARV will soon be unuseable so there may only be one comp.