I joined one but I feel like they are too far ahead of me and need a smaller group to start.

Hi all,Don't have a property in mind for this but thinking ahead.

You are right to be concerned but you can prepare for the worst ahead of time to mitigate some of your downside risk.It starts with the acquisition underwriting. 

The benefit to me:-Potential cashflow w/ minimal investment-Ability to potentially negotiate lower selling priceBenefit to Seller:-Ability to find appropriate 1031 property and not be rushed by 1031 timeline requirements-Peace of mind that mortgage will be paid and he can sell wheneverQuestions:How would I calculate the correct lease price?

Well looking back I should have contracted out a lot more out, I would have been time and money ahead.

As long as I find out the auction were from 1st lien's trustee, then I could go ahead to participate bid?

I would say also work on identifying your comps ahead of time (recently sold and also active listings) just so you're ready to submit the information when they ask for it.

Well he agreed to prepay 4 months and give one months security deposit, he also agreed to stay 4 months ahead of rent and I said that the eviction process will start the second he falls behind because NJ has a long tough eviction process.

Id ask them to have a head underwriter review or have a different processor comment because although I'm not a residential lender I'd venture to guess that the actual guidelines state what is based on the credit report.it could however be an overlay that they are doing right now just being more conservative.  

Get started no matter what.My prediction (because non of us truly know) is that we are going to have some great years a head of us.