I see that you are connected with a Patch of Land. 

You will be taking over someone else's mortgage and your performance on that is tied to that individual seller's credit.  

I may sell the original rental for a better performing home while I still have the capital gains exemption.  

We are beginning to look at non performing notes across the country.

What about just performing an inspection to see what kind of condition you are looking at??

Here is the other thing ... from what I can tell, banks actually make more as the servicer of a non-performing mortgage ... so they have zero incentive to do anything.  

So, my plan is to start my management company and to hire agents/brokers to perform the deals since I legally cannot.I can handle the start-up costs but as far as paying the agent/broker, that's not feasible.

But after all that is said, thank for caring at least enough about the seller to pull out early when you realized you were not able to perform.  

I don't know if this applies in your area, but in California a licensed real estate agent had to perform a short sale.   

The low priced stuff never performs the way it pencils out.