Once you find the deal, try to work out a partnership with the investor so that instead of flipping the property to them, you will be able to keep a small percentage like 5 or 10%.I know the percentage don't sound like a lot of money but the experience that you will get will be priceless.

Her first is also in default and you need to make attempts to collect those amounts in a timely manner.You will hender your ability to collect anything if you fail to make good faith efforts to collect amounts due.I'd probably work out a payment plan for her to get caught up.

If it makes you feel better, they rarely work out any where.

I am not saying that hiring a handyman or a laborer cannot work out.

Anyone who ventures into flipping MUST have INTENSIVE study behind them, INTENSIVE.

4. if it does not work out and if you lose 20-40k at the end of the day, will you be ok?

What the bank will do will be handled on a case by case basis.They won't just write down the loan without a true hardship.They have to document workout solutions via servicing guidelines.If not they could get potentially sued by investors who own the loan and the insurance companies insuring the loan against losses.You don't have to be late on a loan to do a work out but have to show them a default is in the future if they do not help you.No legal advice.

The buyer needs to work out closing details with the seller or sellers agent directly.

I assumed that was a standard minimum, but on this one, the numbers work out as follows:- List Price: $60K- My First Bid: $55K (with net of $51,600 to HUD)- Counter from HUD: Net of $52,200- My Second Bid: $56,500 (with net of $53,100 to HUD)So, they apparently countered at 12.5% less than list on this one.

(take the guess work out for your buyer, a confused mind says no)4.