The bank decided to purchase the property and now it is sitting at a starting bid of $56,833 and has sat in auction for 46 days I believe. 

Could've added another quarter mill to my balance sheet and enjoyed passive cashflow along the way.

hey Phillip, try these locals: Resource Bank, Home Bank, Gulf Coast Bank, Bank of Louisiana, Fifth District Bank, Metairie Bank, Hibernia BankGood luck!

I'll be in town and would enjoy networking with some local BPers

That being the case, and in the event that a HUD home/foreclosure is purchased, would the bank pay his fees? 

.- Stated income HELOCs are starting to come back, local to me, regional banks only.- There are also portfolio loans that'll just use appraised market rents to document income, no tax returns needed.- A commercial loan might be an option.- And, last but not least, there are of course hard money loans.

You can cash out without seasoning with a portfolio lender or any bank that doesn't sell their loans to Fannie Mae or Freddie Mac.  

@Alamen Ems I would enjoy a follow up when you process your first deal!

This would mean the Bank would see the purchase price as $300k, so the seller would need to come up with Downpayment plus $250k. 

Personal guaranty really depends on relationship with bank and secondarily, your net worth.