Your 2% rule, 50% rule, $100 minimum per unit per month, etc makes real estate investing so easy.I know these are just guidelines and a detailed due diligence is necessary, but I think these rules save a lot of time.

Call your Recorder at the courthouse and ask what the penalty is for intentionally filing false documents in the land records is.

There are so many details to take care of and it amazes me how often title companies screw up.

(I assume a 2nd, separate apartment is what your are suggesting when you use the term MIL suite)Can you provide a more detailed breakdown of the monthly expenses you are using to calculate for your $635?

So I found a listing for a home that is in "Pre-market" and when I go to the property details page is says it was foreclosed in 3/2012.

Have your attorney draft a promissory note and deed of trust spelling out the terms, the rate, and all associated details.

Yes, in Trust, that's more like it, agreed.LOL, no income, slight detail, yes, it's going to be tough to refi, with experience you'll get 75% counted from gross rents plus depreciation back in that, so if your payment can qualify at that you may have a chance.

However, I remember someone was sort of detailing it in one of the recent podcasts.

The devil is in the details.

If it does, any kind of details like the ones you posted in your initial message would be helpful!