When one of those resources runs out, that's when families "abandon" the property.Tread carefully with any plans for adverse possession.

The great thing about BiggerPockets is that everyone is accepted here, and there is no such thing as a dumb question.It looks to me like you possess all of the qualities needed to succeed!

Suing for possession and suing for civil penalties are two different things.

It's a court-mandated form and is required by the PR (Personal Representative) to sell the estate property.The other two required documents for the PR to possess is the Petition for Probate and Order for Probate.

you only need to take title in you name if you are using conventional secondary market financing. you can and the bankers prefer you take possession in your entity if using commercial financing. 

For instance, an attorney may possess edited forms that translate into low total hourly bills. 

On that small of a house, re-wiring (which I would think would be nearly mandatory if for nothing but liability sake) and re-plumbing (which may not be necessary if all is working) would be fairly simple compared to a slab home, and I possess the skills to accomplish such a job....but it still would be an expense and hassle.  

Include a factor for cost overruns and potential damage to the property before you get possession.

We called the company in possession of the loan (OCWEN) and found out that the TOTAL AMOUNT to buy the house (pay off existing mortgage + pending payments) was 77KThat brings us to Purchase price of 77kWe had an ARV of approx 110we ended up putting repair estimate at 20 kThat leaves 13k for profit and holding costs and rookie mistakes (aka not a deal)We passed the lead off to a wholesaler buddy of ours, who papered it up and in turn passed it off to a buddy of HIS who I heard is trying to figure out some seller financing deal with the owner.

Current Balance: 85K...probably worth about 110K...still in my possession. -- Current Payoff Balance: 75K.