Pocket listings are basically off-market deals - Properties that are available for sale but are not listed on the MLS.

I’ve noticed a few areas of concern (or red flags) during my research that I’d like to verify after digging through forums.

After coming from the Birmingham, AL market, I've learned that I really like to have a tight network of local investors who help shape how we're looking at properties. 

Purchase price: $850,000 Cash invested: $140,000 Sale price: $1,476,500 Source: Cold Call12 unit multi familyPurchase: $850kLoan 1$250k 1st position loan (down payment to seller)2 yr balloon,12% interest onlyLoan 2$600k 2nd position seller finance3yr balloon, 0% interest, 30 yr am, 8 month deferred paymentsThree 4 unit buildings.

After doing some further research on BP and Google, I have come across some forums that talk about Peter with mixed reviews (for the most part positive) but I have not seen any that talk about actually signing up with his protege program. 

Purchase price: $250,000 Cash invested: $15,000 Sale price: $385,000 This triplex is my first deal.

There is a possibility I can get 3 houses for under 10k each but they aren't for sale and I would have to direct market to the owners.

Unless you can convince the lender to do a seriously low short sale, I'd take a hard pass on your relative's problem.  

Cash flow-oriented investors would do well in this market, since Montgomery’s rent-to-price ratios are very favorable—for instance, we’re seeing $150,000 properties in B/B+ neighborhoods fetch monthly gross rents of $1,200 to $1,300.By the way, if you’re looking for financing, a debt service coverage ratio (DSCR) loan could be a good option for you since you’re an international investor.

It sounded like it can be easy to "pierce the vail" of an LLC for a personal injury lawyer to go after personal assets (they sue the LLC and then they sue you).