I'm fishing for other peoples approaches to see if I can improve or add anything... and the home is a steal for the right buyer...I posted on this forum because I wanted to talk to some other agents outside of my area... :)

I've come to my senses and am in the process of trying to establish a systematic approach to doing one.

I think your first step is approaching your PM and setting guidelines.

I invest in real estate that has been on the market a long time or more is owed than the current value so I am dealing with sellers who are more motivated to sell so I only pay $10.00 option fee. in order to avoid a large option fee to a seller it important to take the right approach, have the right presentation and it has to benefit the seller enough for it to have value to them.

You may run of the jerk with this approach, or evict for non-payment.If he pays I would probably let him stay.

Like Joel Block says it can be dangerous to assume that it can be treated one way or another without supporting that approach.

Jon - Lonnie is officially retired -- or at least that's what he told me last week.I'm so glad someone else brought this up.

It will be cheaper and easier than trying to get the seller to do it (for an REO), and while it's a PITA, if it will help you sleep better at night, it's worth it.For what it's worth, I did this for the first 5-10 properties I bought, and the peace of mind it brought was worth the effort/cost.

I like Gary's approach regarding contacting the heirs.

As an investor, all you need is a filing system to keep track of all leads that are brought to you.