Then determine what the principal balance would be at the time of sale.

Please note that my advice was to see an attorney, to call officials and have them make a determination, not to accuse, but relay the facts.I said it sounds like....and, if the attorney is the note holder, I'd bet in such a case he'd hang his broker out to dry.The note, if originated illegally may be worthless.Joe, the applicable laws for OO so far are in the SAFE Act, TILA, Fair Credit Collections Act and state laws that will be similar to all states as to brokering.

I do try to actually talk to the owner and try to verify in public records that ownership matches up.

Lots of people are set on their ways, and its up to you to determine what to take from it and what to leave behind.

Also, what will your exit strategy if you determine you don't like the property.

Have you determined your exit strategy?

Every short sale regardless of lender requires the "arms-length transaction" certification that has wording like below:"The Buyers and Sellers nor their Agents have any agreements written or implied that will allow the Seller to remain in the property as renters or regain ownership of said property at any time after the execution of this short sale transaction.

Down the road I would be very interested in a much larger property but want to make sure I can handle the ownership/management of some smaller ones first.My wife is very risk adversed which makes this first purchase quite the battle at times but I am very confident we will be successful and grow our portfolio over time.I look forward to meeting and interacting with everyone!

It's not only a process, but a tough and time consuming one, but if you are as determined as you seem to be, it will be successful.Good luck with your deals!

It's like an Olympic Race, because you will be competing withHomes that are already sold in your immediate vicinity (aka Comps or Comparables), but you are competing with:Homes that under contract,Homes that are active on the market andThose homes that will be coming on the market.You have to determine (as an licensed appraiser would) how your home compares to all the other homes in terms of amenities and conditions.