We’ve got all we need to survive somewhat comfortably and we certainly don’t care about what our neighbor is driving or the nice landscaping in front of their house.

I've come to the conclusion that there are a potload of backroom deals going on with REO's, especially higher end properties...Here's to surviving the new normal...10-4 on protecting your reputation...

Quote from @Theresa Harris: It really depends on where they settle. 

But I see operations come and go... they (the new 'best thing')  don't seem to consistently survive the first downturn.

Wells Fargo sued the owner and got a judgment.A home can't be sold to you with a lien that SURVIVES closing unless you agree to acquire the property subject to the lien.  

It would not survive a foreclosureSecondly, it looks like it expired anywayThe Substitute Trustee are all just administrative and mean nothing to you anyway. 

(See also the chapter: "Leverage is for peasants")Cashflow is QueenIf your portfolio is bringing in cash each month, then you can survive minor expenses and even a few major ones without coming out of pocket, provided the cash isn't withdrawn every month.

Quote from @Theresa Harris: If I understand correctly, they are counting the mortgage twice-once as the mortgage and the second by deducting it again from the rent as they only include the profit?

After Google-searching the owners of record, one article even contained the sentence "such-and-such is survived by cousins and a few friends."

Not saying $1600 isn't a fair price for certain things, but if you're doing a major rehab project with the expectation of having the place professionally appraised afterwards for refinance purposes, then you really want to be careful not to have just any Tom, Dick, or Harry in there.