However, at this time, this has been put on hold by a law recently signed into effect to try to reduce the impact of foreclosures.Details vary a fair bit from state to state.

But then you get into the whole property management side of things, in addition I'm not sure how effectively valuate the potential costs of bringing a home up to par.I just know there's so much I'm really eager to learn, I just want to make sure I'm looking in the right places and using my time effectively.

I do a combination of 2 things to increase the effectiveness of this technique.Leave them a message and say "Hey Jim, I am interested in your For Rent house so I mailed you a letter and you should receive it tomorrow.

I always looked at what was time effective for me to do, and how good or bad I would feel about the result versus the cost.

But, if you buy it and sell it a few months later, it may be all handled on the two transactions, and you're never out a dime.

You have to remember that most title companies have no idea what they are doing when it comes to creative real estate transactions.

Direct mail can be a huge expense with little return if not done effectively.

How would I approach this transaction.

To utilize this strategy most effectively, use an entity, an LLC partnership is recommended for rental properties.If you are looking at projects requiring rehab, you can take private money loans at set interest rates (similar to a HML) use their funds to rehab the project, then refinance and cash them out.

One of the main reasons I'm part of the forum is to get some info on how I can find ways to list REO properties in Michigan, since we all know that in this market,(specially Michigan) the main transactions are in foreclosures.