I have never written a deal, not was I planning to start practicing until this summer, but this deal seems like it could work out for me.

It seems banks are routinely postponing or canceling foreclosures in California and I am concerned that underlying factors I am unaware of may affect me accordingly, leaving me in foreclosure limbo.3) Is there any way the original owner could weasel his way back in to the property if I were to proceed with purchasing the note/foreclosing?

I am currently in the process of trying to close with a mortgage lendor for a fixed 15 year at 4.625 but the closing cost are pretty dang high and they keep coming up with one situation after another and I am afraid things may not work out.

Hopefully it will all work out.

So out here I can (and for the most part still am) simply going the retail route if the numbers work out well enough.

In the meantime I sincerely hope things work out for you.

My suggestion would be to reach out to the head of commercial real estate lending for the particular region you are looking at, you could also ask for the head of their commercial real estate workout area and then try to work your way down to the officer.One thing to keep in mind is taht these people are usually way overworked.

I was planning to increase their rent to $1,000 then start the work on the unit, then in three months raise it again to $1,200 which I would then allow them to sign a year lease.Has anyone done a large jump in the rents like this before and how did it work out for them?

I guess if you can sell it for that and carry the note/deal for 30 years, it could work out for you and your buyer.IMO, your mistakes so far were buying a condo, then putting someone in with poor credit, IMO, but I don't like condos unless I own them all or more than 50% of them, otherwise your property rights can be very limited.

Also from court house search - you can find out the original loan amout, interest rate, tems and calculate current balance plus add six or eight monts payments - missed - check for any tax liens etc - Then you can foreclose and get the house- or do a work out plan with home owner to have better yield-