At the very, very, VERY least ask yourself why someone hasn't paid $14K for that home yet...Most investors are looking at more than that for a down payment so there must be more to the story on why it hasn't sold.  

And pray tell you find the multiunit that is all vacant, you'll be paying a very high price for it- what pacific heights was selling for pre boom.

.: 1st floor demo 4th pic: Bathroom & backrooms still standing pre-demo5th pic: 1st floor as open shell , all walls down & new sub floors 6th pic: Framing of 1st floor started GROUND/CELLER FLOOR: BELOW 1-2 pic : Pre-demo 3 pic.: demo (All walls taken down, a total MESS!)

Paying down the extra 10k is wise.What doesnt make sense is how much you being paid now, $15,000 a month?  

What would be the best strategy for helping someone in pre-foreclosure?

The first thing I did was get a pre-approval done so I can see what I would even be given before looking for potential property.  

I know I should know this, and is answered to a degree out there, but ill ask anyway ...If I do a cash out refi on a property that I have paid off, I probobly will be required to keep like 25% in, and then I am paying a new mortgage payment on that property for a 30 year fixed time frame, right?

If for example his or her property was bought for 300k, 10 years ago, and now its been forclosed for two years, that would mean they paid mortgage for 8 years and have lets say 200k left to pay.

My question is, since we closed on the 11th of August, and the rent had already been paid for the entire month, shouldn't we receive a prorated amount of that rent, after we took ownership?  

People ended up defaulting because they couldn't sell a house for less than they paid for it.