Direct mail to owner occupants is a loser unless you target specific groups.  

Account ClosedThe first 15 days are for owner occupants only. 

Hi Craig,On numbers 1 & 3, what you may be looking at here is "unauthorized occupants" and how to handle these, which may be part of the driver here.A couple of views. 

One of the properties turns out to have not received a Certificate of Occupancy, yet the Conwill's rented it.

If equity exists, you may be willing to purchase the property 'subject to' the existing liens and take responsibility for their satisfaction.If you buy at the foreclosure auction, which should be remembered as the forced liquidation sale of collateral, whether by judicial sheriff sale (or non-judicial trustee sale, in other states), you must perform your own due diligence, including researching title for other senior liens, in addition to valuation, repairs and occupancy status.If the property goes to sale, reverts to creditor (rather than a 3rd party bidder) then that creates a situation whereby the creditor/bank turned owner may sell the asset, but not before.

I want to draft a lease for 3 occupants, report this to the township, and then ammend the lease to add the 4th person.  

Both HomePath (Fannie Mae foreclosures) and HUD (FHA foreclosures) have an initial bidding period for owner occupants before it opens to investors.If you are looking at REO's, I would recommend interviewing some real estate agents who can represent you.  

@Lynda Allison Just a technical point--occupancy is not ownership.  

Hey BP Community,I'm dipping my toes in the apartment water so to speak, and someone brought this deal my way.Here are the numbers:$1.2 million purchaseCurrent occupancy: 58%Units: 64Average Rent Per Unit: $550 (conservative)Area occupancy average (subject property removed): 90 + %Why so many vacancies?

I want to "get out of the rat race" as they say, and I just can't keep running through my head that even only counting half of the rent at full occupancy, this one unit would match my current income level!!