No need for me to reinvent the wheel when thousands of folks have already done it with success!

@John Smyth, yes, my compliance officer told me that if I form an LLC, that's a clear case of needing to preclear as an "outside activity."

Sure, there is an acceleration clause to think about, but I have never run into any problems, and I don't know any investors who have ever run into trouble with the bank calling the loan due.LLCs are easy to set up, and I think it is good form to have one.Cheers, Josh

No the person would be living at the property but as far as property management charges it could be self managed with that form of financing for a slightly higher cash flow.

You need to form relationships with as many agents and potential sellers as you can.

Would it make sense for me to approach him about doing a Warranty or Quit Claim deed to get him out of the mortgage and I take over the payments and ownership of the home and prevent him from foreclosure?

For me, every single listing on the market is of value - it is either a deal to purchase, a retail ready property that helps you price your flips, or a perfect example of what NOT to do lol (that 300+ DoM property that the owner begrudgingly lowered the price after it sat too long and is now unwanted inventory).

My coworker notified me yesterday that his neighbor would be listing soon (they are aiming for September 15), and if I was interested in moving a bit quicker, he would make some introductions for me before they list.

600 sounds like a good target for me.

I found the perfect house for me to do my first wholesale deal with, due to its price in relevance to its location and the property values in the surrounding area.