Mike, not sure about Nationwide, but your problem is consistant here in SO CAL, home of the REOs and here is my opinion of what has been going on.Banks have been slow to get the REO's to market.Banks took a more relaxed/delayed (for lack of better terms) process to foreclose during the holidays (Nov.

Some pros: no large cash down payment; no bank/lender qualifying in order to control the property; ability to walk away from the deal at the end of the lease if things are not working out, and minimal risk.

This ended up delaying the project for an extra two weeks while we worked at night after my 9-5.

I am starting out and considering setting up a Series LLC to minimize risk.

The only option I really see is to offer a contract at their payoff amount ($139k) and also pay all of the sellers closing costs (no realtor involved to seller costs will be minimal).

Joel Owens: i have just added a pic sorry for the delay on updating profile i work full time second shift and only get here on the site when i get home but should be good now.

Which gives me the idea that I may be able to even delay the subject-to purchase of House 1 until House 2 is finished, if we decide to go ahead with this.I estimated very conservatively.

Something to do with voting on fee increases delaying the schedule.

So I am familiar with the maintenance costs (very minimal) and handling ins, taxes etc..

We had a delayed closing on one of our houses once due to the lender suddenly wanting a $6000 escrow for any repairs/fees charged after they discovered ours was technically a private street.