Feel free to ask questions for more details but I'll try to briefly lay it out.My 3 year goal it to have $5000/ mo positive flow so my husband no longer has to work his 'day job'.

You may want to consider having you added in a junior lien position with a set dollar amount that you both can agree on.  

You don't want to be stuck with a weirdo for a year, if you don't like them you give them a 30 day notice and kick them out.

HiIf I buy a foreclosure from the second position for say $200,000, subject to first mortgage of lets say $300,000, and then the first position forecloses - my understanding is it forecloses the original owner, and not me.At this point,  can I pay the lender their $300,000 to prevent foreclosure?

Pros: low maintenance, low price tag, positive cashflowCons: rents capped at 700/mn, not going to bring in rock star tenants, not the most desirable areaThanks for the help!

At the local meet several agents walk up to the group introduce themselves stating they have tape and are wholeseller, pocket listings when I notice their license number signaling they are brand new realtors with ZERO transactions that is the end of it.

Not sure what proportion of rent $400 equates to, but in California, you can legally increase rent by as much as 10% with just a 30 day notice.

Have fun - don't take yourself too seriouslylearn the pleasures of COLD CALLING sellersread financial newspapers - look for auctions - law suits -failure to pay taxes notices and business opportunitiesSearch tax sales - attend tax auctions - read probate adssit in court - listen to cases - find motivated sellerscreate a Fiduciary Buyers Broker agreement with smart agents - pay them for non-listed real estate.don't waste your time with non-responsive agents - brokers - lenders or sellersbe demanding - get answers - don't be passive - at our age (I am 75) we don't have time to waste!

Hit them with a notice.

I've gotten so much positive feedback from the summit - thank you for joining us - and thank you for the glowing review.