So I found a listing for a home that is in "Pre-market" and when I go to the property details page is says it was foreclosed in 3/2012.

Have your attorney draft a promissory note and deed of trust spelling out the terms, the rate, and all associated details.

Yes, in Trust, that's more like it, agreed.LOL, no income, slight detail, yes, it's going to be tough to refi, with experience you'll get 75% counted from gross rents plus depreciation back in that, so if your payment can qualify at that you may have a chance.

However, I remember someone was sort of detailing it in one of the recent podcasts.

The devil is in the details.

If it does, any kind of details like the ones you posted in your initial message would be helpful!

@Ryan Steele Thanks for the reply, i would love to discuss in further detail.

I got one quick follow up question:When you say 'looking at the house', you meant to actually be at the property to inspect it in detail or do you mean taking apart the details online?

I am currently working my 4th property and will post details for your interest in another post.Looking at 2014 I plan to purchase a couple multifamily properties to hold (currently have offers in on two duplexes) and flip 4 properties myself and partner on others.Thanks for building this great community.Don't be a stranger if you are in Indiana!

Looks like just over 15 members so far, so should be a good way to network with some fellow investors, and I can give you a run-down of Bay Area rent controls and rent levels in different areas (and resources to find more detailed info), if your properties or future investments are around here.