Finally, you need to understand the eviction/foreclosure procedure in your state.

Dustin, If he's buying properties that have an acquisition cost of $100K ($70K + $30K rehab), then $70k from a refi wouldn't even buy him 1 property free an clear.

For example, I originally wrote the property had a basis of $165k, capital improvements, I explained the recapture, etc... but the editor had the final cut....

And there's one final thing about this that pisses me off.

Late fees, fines/citations, water/sewer, and finally rent.As an aside but related... we implemented a rigorous move-in, safe and clean, and move-out inspection system that protected us 100% when standing before a judge.

Every time we faxed over docs, they never received them, finally talked them into giving their email.

broker called me today and said he had another offer at 290K and they wanted final and best...i went in at $300K, we'll see what happens, i really want this one, im ready for my nxt deal and this has the possibilities of condo conversion and/or subdivision down the road 10 yrs or so...

My latest 3/2 acquisition I had to lower the rent 25% from the original asking price before I could fill it.This may be one advantage with SFHs over apartments where tenants share info and a rent decrease would be demanded by all.

If the borrower does not respond to the court action within a specified amount of time, the county clerk can find the borrower in default and the lender can ask the court to make a final ruling.

Debra, What has been the final outcome on these audits?