Sorry to be late to the game, but some thoughts...Check what homes nearby have recently sold for. www.realtor.com is a good free resource or google the assessor's office of the city the property in question is in.By all means, do a walk through of the property if you haven't already.

We are both new to the game, and when I say new I mean really have only limited knowledge.

i dont know...i do know at $300 it still makes damn good cash flow...the property is still marked active and not UA yet...but i have a hunch its going to be foreclosed onim also not worried about having an empty apartment, thats part of the game...in my market i can fill these 3 or 4 bedrooms in this neighborhood very fast even in the winter, they are way above average units...if i can get it at $300K- great if not o well...im not planning on getting this one, bc there is another (supposedly) offer that is higher...there is a chance the realtor was pulling one on me, but from the start i said i'd go to $300K, therefore i started at $270K

The bank is going to be a whole different game, like you said. baby steps....Yes I'll definitely be getting an attorney if I see this going forward....no question about that for sure...

They are platform sales speakers.

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

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.

In fact, we spent way too many years 'learning' about RE and not 'doing' RE... but that is neither here nor there, just part of our process... what matters is that we're taking action now...I hope some day to have a more stable platform in our RE investments to jump in and learn stocks better... but for now our main goal is survival (see our profile for our goals), not enough margin for error to make mistakes in the market.

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.