In the event of foreclosure and ultimate sale, it's pretty easy to do so long as your loan was fully covered, what do you do for any loss, who collects first?

The purpose, ultimately, of buying these notes is to negotiate with the owner for a deed en lieu or friendly foreclosure.

Let me start by saying that with my self-directed IRA, I'd like to ultimately get into rentals and having the cash flow from them.

If you haven't yet, make sure you check out the Ultimate Beginner's Guide, it is a good starting point.

Ultimately, recognized that notes aren't sold by geographic packaging like off-the-shelf products.

It would ultimately just depend on the assets and loan structure you are seeking.

I was actually able to give him a little info on his situation.So after I began doing research I was quite intrigued myself, and continued to dig for more information; which ultimately lead me here to BP.

There are other sources and ultimately your attorney if needed.You'll pick up clues in tenant selection in time.

If you haven't yet, be sure to check out the The Ultimate Beginner's Guide to Real Estate Investing and The BiggerPockets Podcast.

Time to build the foundation.Check out the Start Here page http://www.biggerpockets.com/starthereCheck out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.