Max 75% LTV and usually lower.Unless you´re looking at some sort of pooled investment fund or property bond (not necessarily suitable for first timers), then it will be difficult to get started with $40k.

I wonder how difficult it is for a winner from a junior auction that now holds a trustee's deed to establish contact with the lender prior to the foreclosure of the senior lien?

The prior action might even have made things more difficult if a large amount of back payments were in a repayment plan that would likely require payment now.As for gaining control of his estate, you need to decide if it makes sense (if there is lots of equity remaining after payment of debts) and if you are the best choice for resolving this, especially if you have the financial resources and understanding to resolve.If you don't think you are up to these challenges, you won't have to be concerned with either repairing the house or the debt.

Banks, both small and large, are facing two extremely difficult challenges that threaten their continued existence in the financial services industry.

I agree that midtown deals are difficult.  

Help them through this very difficult time.

Since making that happen in LA is VERY difficult, I've been evaluating San Antonio, TX as a potential market.  

I'm curious though because I have zero experience here, and I love learning how to resolve a difficult issue. 

The few times I have had tenants display very demanding and difficult behavior at the outset, they have gone on to be very demanding and difficult tenants throughout the relationship.

It seems to me the way to find deals in this area is to do the difficult things other investors are not willing to do ... like knocking on doors.