You would typically pre-sign an assignment of mortgage or DOT and an allonge (documents that transfer ownership of a mortgage and note, respectively).

Congratulation on your decision to "step out", after being in conventional real estate for so long, it is a big decision to want to be more productive, earn more, and build a portfolio of profitable properties as a real estate investor.It is difficult however for agents/brokers to change hats, to forget the old ways of doing the conventional real estate business and to get educated on the creative ways to control and roll real estate.I commend your decision to do so.One Broker to another, if you need some suggestions, just give me a call.Good luck.

Went to get pre aproved and sadly, a collection on my credit for 6000, won't let me get approved: ( ,from bad roommates 5 years ago.

Its hard to make a decent rent roll, but there are ALWAYS deals to be found....right! 

You can sell for a much higher amount to them, assuming the property is in good condition, but it can be a hassle as you need to know if they are pre-approved, and the lender might need to do inspections and appraisals etc.

(We'll be using the BP calculators to present this information quickly)All loans will be assumed for 1 Year at 5%APR; If the loan is pre-paid the 5% will still be due. 

I'm assuming that pre-foreclosures are in the same boat as well.

I have already learned so much, and I am excited to get things rolling as a Real Estate Investor!

We also own a rental townhouse (with positive cash flow, but no substantial equity) it was my pre-marriage home.  

This looks like REO listings not pre-foreclosure.