There are late fees, legal fees and pre-foreclosure costs that have to taken into account. 

It is legally your money.I know it is preferable to have a stabilized property but if a tenant is late on his rent, it is worth giving them notice of late payment.

What followed was a year of legal maneuvering, claims, counter claims, depositions, etc.

A lot of forum members are very knowledgeable in their respective fields related to real estate investing, whether that is real estate sales, wholesaling, flipping, rentals, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.Discounts on some products and services are offered to BP members: https://www.biggerpockets.com/perks/proIf you haven’t been to it already, you might want to check out the BP blog: https://www.biggerpockets.com/blog/The site has quite a few tools that can be helpful for new members.

Do not rely on it for legal advice.

Just starting out so looking for general legal advice, forms, etc that would be needed to get started.  

But I rather save myself the misery of legal fees.

We submitted a short sale package to his lender and they approved him for a FHA Waterfall modification with a 3 month trial period. 

Would appreciate advice or discussions on the best approach for:1. legal structure for purchasing properties under2.

First see if subletting is legal in your area.