@Russell Brazil But wouldn't a Mortgage broker be acting as a middle man and collect a finder's fee, whereas going with a direct lender, this fee is "non-existent" since we are going straight to the source?

I've lived in the neighborhood close to 10 years now and, perhaps naively, thought that even if the investment metrics didn't show that it were a stellar choice, the location might serve to make it worthwhile given the demand and momentum which exists in RE here locally.The analysis below shows how things look for both 15yr and 30yr financing, and I'm curious to know how people weigh that choice.

Maybe the carpet is a different color where the sofa was.The existing tenant may not actually move out on the day they said they would.

This avoids the ethical and legal issues that exist because you don't take title.No intent to buy, no ability to buy, you don't have a good contract to sell, it's voidable the second it is signed.

Depending on their bank and the terms of that note... but often they can owner finance subject to their existing note. 

IE cram in more units that the existing zoning calls for in exchanged for setting aside open space.

I have found a property that the owner:  1) has clear title; 2) property taxes are current; 3) the HOA has assessed a Notice of Trustee Sale; 4) Since the filing of the HOA NOD, I have also calculated the HOA dues and assessments that will have to be added to the potential investment. 6) Reviewed California Law on waiting periods for a) owner's termination rights, (NOTS 90 day redemption period - starts from date of sale). b) renters with and without lease contracts or if the homeowners is the occupant .My Questions: Please respond with answers applicable for California Law 1) If there isn't a 1st Lien in place or recorded, then I can assume most likely one doesn't exist?  

I want to track monthly data such as: Foreclosure sales, Existing Homes Sales, New Home Building Permits, and Mortgage Loan Defaults.

$15M lien foreclosures on a $400M property exist, but so does a pristine, cherry, 845 miles on the odometer Ferrari 308GTS, sitting in some old man's barn waiting for his son to return from the war.

With that in hand, you can compare similar existing units and determine rent comparisons to have a credible feasibility plan for your lender.