Your best bet, if you can find a lender, is to do a straightforward refi and pay your friend off as part of that transaction.

I bet that second would take $1500, and the first would take a whole lot less than $700k.

Everything you need is right online.

So if it takes about 3-4 months to foreclose on someone, I would expect to see the market to be flush with foreclosures starting 2nd quarter 09 and the housing market bottoming out starting in 3rd quarter 09 since their should be less foreclosures coming on line to depress the market with.Therefore, my objective between now and then is to accumulate properties now for cash flow and position myself to be able to accumulate more property in late 09.

Your best bet may be small neighborhood banks.

I have found the most success finding both buyers and sellers by doing online classifieds with driver ads to my website where I can capture the information of interested parties.

I bet Vegas is full of real estate opportunity.

Quicken Loans is the nation's largest online mortgage lender.

It's also relatively easy to put together larger teams of bird dogs by utilizing message boards, Craig's List, and other online resources.

Standing here in TX, it certainly appears that rents shouldn't drop in your area, but that doesn't help you much.I'm betting that:a) Your area is being flooded with sfh'sb) Your area is being flooded with an equal number of new renters who can't qualify to buy again soc) Rental rates shouldn't be affected *too* much On the surface, it seems that equilibrium should be maintained.