They are a shoe waiting to drop that will never go away. 

Other arrangements can also be worked out, such as in the event of default, you agree to continue making the payments and you could have the right of possession of the property, in other words, step into the borrower's shoes.

Only you know what is best for you, AND as I always say, don't take advice from people you wouldn't trade shoes with.

Not nice to string someone along, put yourself in their shoes.

Put yourself in their shoes...what would make you feel safe if you were them?

This can help a person on a shoe string budget because well, phone calls calls are free.

Reading forums, books, study guides, etc. on your own is nowhere as near as effective as having someone on your side that has been in your shoes and made all the mistakes that I can't afford to make.

The last few deals I did with agents were things I brought to them (REOs I found) because these were deals I couldn't do privately.At this stage of your career you are probably going to have to invest a lot actual shoe leather on the pavement of your targeted farm area and in the courthouse tracking down the info you need.The good news with that is if this area turns 'hot' you will be ahead of the curve with your knowledge.

@Kevin Hart In this market I think is best to have multiple Exit Strategies...especially if this is your first rehab...By getting pre-qualified for the refinance up-front it will help you look better for any hard money lender because they will know that you can refinance them out of the deal...Always go into every deal calculating your cost of holding and Hard Money into your deal ahead of time so they are accounted for and your Profit is built in.Since this is your first rehab a couple things to keep in mind...Every market is different for Hard Money, Market Times, Resale Value, Appraisal Values, etc...Know your long term objective 3-5 years from now...try to find other successful investors in your local market that may mentor or coach you through the process...I have been in your shoes...there are 100 different obstacles that can come up during a real estate deal and a rehab there is even more...not every scenario will occur on every deal - maybe 5-7 of them will happen...When you're new to rehabbing everything seems like a big deal - sometimes they are, but many times they are not...but you don't know the difference when this is your first few times doing a rehab and therefore you may have to rely on contractors or realtors...the problem with them is they are not totally objective in their advice and therefore may not give you the advice that is in your best interest...or worse they are giving you the advice that will put the most amount of money in your pocket...Generally a Contractor or Realtor is not a good coach or mentor(unless they are investors too), generally if they are making enough money investing they are not contracting or still working as a Agent...There are always exceptions to the rule...In my experience one mistake for a beginner can cost you a ton of money and even put you out of the rehab business.

I already have a make up of the path I'm going to take to enter into Real Estate, but I am curious on what path people would choose (have chosen) if you were in my shoes.