@Katie Camargo   What we do as a lender on these type of deals is what we can an "as-is 2 step".

For those just starting out: keep taking consistent action and small steps.

I also reference this a lot but there's a step doctrine- basically if you're putting a step in the middle only to avoid tax...it isn't valid. 

That would be a first step. 

@Henry Clark in step 1, what is the numerator of the ratio?

However, any tips on next steps are welcome!

So basically, get an attorney to put my contracts together as the first step, reviewing them with a title agency as the second step, putting the other team members together as the third step, and starting the search for borrowers as the fourth?

Would love some guidance on best first step to get things rolling.

If we want to hire individuals for each of the task, where do we start and what are the steps?

Here is how some steps are categorized.Performing Loan30 day lates90 day latesAssignmentNotice of Default VA loanNotice of Default FHA loanNotice of Default Conventional loanNotice of Trustee's Sale/Notice of ForeclosureLis PendensContinuation/PostponementLoan ModificationReinstatementBankruptcyAuctionReal Estate OwnedThere other possible steps, but these are what you will typically see.The key is to know what you can do in each of the steps in the state the property is in.Then you need to know what to avoid and what the options are for the owner and options available to the lender.