I actually found an incredible deal a few years back, but the elderly man who used to live there died and the unit he lived in never got rented for years prior to my finding it.

On other sites it could be very different.My experience is anyone who started with commercial did so based on some prior conditions.

thank you for your reply....and also on topic, what are the GOOD SIGNS you look for prior to purchasing a 4-unit multi family....is 3% cap rate good enough?

Do you have any special skills that could be applied to a rehab project (trade skills or prior experience helping family fix up a property)?

Some REOs do get sold in bulk or individually to external firms prior to listing.

Prior to quit-claiming properties I checked with my lender and they had absolutely no problem with it.

Some lenders will then look back to the prior sale price (1st leg of the double close).Be prepared for the 2nd leg to fail at the closing table with a late underwriting block if the end buyer is getting a conventional mortgage.Other lenders will not care but you do need to be prepared to end up with 1/2 of a double close.

If you look at Silicon Valley and other technology centers around the US housing prices are pretty stable or rising.At this stage it is all about employment and how much froth there was in the prior few years.

So I should get all the contracts ready prior to talking with the lawyer, once I have them on paper, have the lawyer look over them and advise on any changes that need to be made.

A prior thread had you asking about tax liens so I am making a guess here.