Jon was correct in this aspect.After the auction, once the property is wholly owned by the lender (or auction winner); the new owner (lender in this case) can sell that property (REO) for whatever the market will bear, and keep all of the profit.

Am I correct to think I cannot post photos since I haven't done 10 posts yet?

Your earnest money is your only liability (if your PSA is set up correctly).

Jason,You are correct that the show occassionally profiles some very talented flippers!

You are correct.

Why would it even be necessary for people to look for “red flags” if things were done correctly?

Well there are many things you can do at this point but the way you put it I would imagine that the property is an NOS property correct?

Crazy uh, all because I had a greedy loan officer that led me on, but you live and you learn.I corrected my investing habits and now I'm wholesaling for a living to build my cash reserve up to start rehabbing.

I'll be popping into the finance sections to see what's going on and if there's anything I can add.From your post I would assume that you are a finance expert correct?

If I have understood my accountant correctly, your holdings are treated the same whether held/sold in an LLC or personally.