This type of foreclosure does not involve court action but requires notice commonly called a sale under the power of sale.

I feel this is the only way I can get in the game and become an asset holder.I still don't know what kind of property I want to focus on.  

@Andrew McManamon - as a new real estate agent you need to be focused on your sphere first.

I mainly focus on additions and renovations because the market in NJ calls for it right now.

If I am buying a higher cap rate on a shorter term lease and the option has a large rent jump to the tenant then I could have negotiating power with the tenant getting a lease extension.If it's way under market I might want them out anyways.

@Debra Grumbach I like your point about her knowing the sales price (whether using option route or the contract with a later closing date) -- get her to focus on her future and put the sale behind her so she doesn't shop aroundAccount Closed nice touch on providing proof of funds, I'll work that into my discussion with her as well.

Network and educate yourself while you focus on changing your trajectory.  

Vacation rentals up in Arrowhead and big bear are interesting to me too, but right now cash flow OOS seems to be what I will focus on primarily.

Many tenants buy stuff to feel better about themselves, both because buying is an act of power when they feel powerless and because there's a deep comfort in having a lot of your stuff around you to help you forget that the house you live in is not yours.

For example, some people focus on payments and tenant screening, others are more focused on accounting/depreciation/job order focused and yet others are into online marketing.