Working REO was one of my most challenging endeavors.  

We lived in Federal Way for a few years, our one and only attempt at suburbia.  

Has anyone ever tried to file a lawsuit against a bank/bad debt buying service for not making any attempt to list a vacant home?

When I attempted last time I received from the VA a form that said I had zero entitlement, and the lender said no and wouldn't move forward with it.

I endeavored to make 2015, the "year of the mentor", but alas...

Payments are behind and the bank will attempt to sell at auction.

Forgot to include: -closing cost at $10,000 (will attempt to have seller pay)- $11,000 in selling agent commission (in the event that its sold by outside agent)Total expenses (purchase, holding, points/int, rehab, and resale): $400,500Min comps are are $440,000 $40,000 profit

Home Specs: 3/1.75 1500 sq ft, 5400 sq feet lotList price: $375,000Purchase price: $340,000ARV:$440,000 (comps verified with homes sold in 1/4 mile radius in last 30 days, not to mention a few pending listing at $460ish)Rehab: $20,000-Scope of work: -Paint int and ext-finish original hardwood floors 1200 sq ft-new windows- install 1 ext double door -landscape back and front yards -bath1: new shower pan/tile, vanity, bathroom flooring, light fixture -bath2: epoxy coat tub and add tile border, new vanity, new flooring, light fixture -3 new mirrored closet doors-1 water heater-kitchen tile-retouch white cabinets and add modern hardware-5 int doors-door hardware, hinges, electric plate coversHard Money Loan Terms: $300,000 with 3.5 points and 12% interest$40,000 cash for purchase$11,000 possible payout for selling agent commission$9,000 closing cost (will attempt to have seller pay closing)$10,500 cash for hard $ points$9,000 holding for 3 months (1.5 month rehab, 1.5 month market and sale)The largest concern is the shower pan in the bathroom caused flooding and destroyed a portion of the bathroom subfloor, I made sure to mention to my inspector that I need him to verify that there are no signs of mold under the home.

I would be interested in hearing more about your REI endeavors, as well as what types of properties you're looking for (including those you may be open to, but not actively seeking out).

Of course this depends on how extensive your coverage is and with which insurance company you choose.)Vacancy - $83 (based on a $1,000 rent rate and a vacancy rate of 1 month per year although it will likely be less, I'm being conservative here, I think)Repair - $105 (I agree with you on this)Misc - $100 (As with any business endeavor, most business people tend to be optimistic about what their costs will be.