I wouldn't think you could get a short sale done in a couple of weeks....If you can get an offer prepared and into the bank with the proper paperwork to get the short sale process started, the bank is likely to put off the foreclosure for some period of time (60-120 days) while the offer is considered by the asset manager.

Ironically this is usually when the price of the asset is too high.

I have a small online business that makes around 60.000€ a year... now I what assets!

The asset manager has never been there and never will be there.

It sounds like yours is also a very different market than mine, but it sounds like you would be an asset to any brokerage.

Also finish liquidating an old 401k I have for more cash assets to shop for a 4th rental.Beyond that, continuing to collect rent checks will be nice :) Will need to update my business plan with new cash on cash projections and the 3rd property once the dust settles.

I always search the oldest properties first. 30-40 days is when I guess the asset manager starts to realize something is wrong plus it clears out the 15 day owner/occupant BS that the govt loves.

Also, if the bank is gone, the "assets" of that bank went somewhere - government or another bank or whatever - so they have the rights to the property.If you want to do the deal, you would need to do a lot of background research to be certain you are actually buying something of value.

It is also wise to diversify and take into consideration the markets where your assets are held, even diversify markets.An apartment vs. a handful of SFR's in Vegas or are we talking trading a handful of Vegas SFRS's for an apartment in Pasadena or Walnut Creek?

Do I just tack this to one of the houses and depreciate it over whatever years or should I split it into a $10 asset per property and then depreciate it?