You will Have to get to the US based offices of Ocwen, not the overseas people you will initially be dealing with, and it may require some payment to them to make this happen...they are not legally bound to give you this release, regardless of how much you paid the owner, since they have a valid mtg.You May have to threaten/file an action against the seller to motivate them to cooperate, if they gave you a full Warranty Deed.If the mtg now with Ocwen was placed After you bought the property, and recorded the deed, it is Not valid. 

A - Invest $100, add value to $120, market corrects to $100 in year 1, but you achieve an 8% return from cash flow and principal reduction.B - Invest $100, add value to $120, market remains as-is (or it takes longer to correct), you achieve target returns of 15-20%C - Invest $0, earn $0.Substitute appropriate figures...just trying to generate dialogue.It's hard to model things like a market correction or rising cap rates, get excited about lower returns, and make a purchase but idle cash and the war chest strategy (scenario C) can be costly relative to scenario A (except with an appreciation only/market timing strategy...let's ignore that one for simplicity).Many of us have analyzed and turned down a ridiculous number of deals and we see a lot of posts about waiting for a correction but the math seems to suggest otherwise if investors are adding enough value (and generating cash flow, using long-term debt, buying in solid locations, or investing for the very long-term).  

@Ned Carey , @Mark Cruse Hey guys, so I have been able to acquire to rental properties in this city so far (buy and hold) and they are both generating cash flow.

Our initial sewer line system inspection showed that there is at least on crack down the sewer line system.

Then I can decide what to include in an initial Rehab and what can be deferred. 

Plus, I initially started the process myself and the marshal I hired to serve the tenant sat over there with her for half an hour and explained all the ways she could stall the process (thanks, thin duplex walls).

When we initially agreed to a purchase price, we thought our price was good & we had instant value.

Do you think it's better to do a FHA on a true duplex and take the increase with the mortgage insurance or to do a cheaper single family where I could create a basement apartment as a makeshift duplex paying the 20% to keep the mortgage low and easier to cover with the rent it would generate?

Is it better to go with a turnkey provider who takes care of all the initial costs and management, or is it better to find a property on your own, find a contractor on your own, and find a property management co on your own?

Send me an eMail if you are ready as I am sure it will generate much interest.Sam ShuehROG, Cupertino,CA