The are some areas that appear to have potential for wholesaleing houses as well, and I have found a good site that reports pre-foreclosures and REO's.

--All carpet is nasty and stinks from being closed up for over a year with a wet basement--ugly paneling in some rooms, vinyl floors are ripped, and most likely the ancient kitchen appliance do not workThe wet basement appears to be less scary than it first looks.

The property sold there is not an REO yet and it does not appear on the lender's books.

What you appear to need is a blanket facility that will let you finance long term after the property is fixed up.

Assets could be seized by the tax authorities if a partner is not reporting their income and paying their taxes.Maybe best that the person does not even appear as a partner.

The main problem that all of these Manhattan style high rise condos have is that the developers appear to be under funded and unestimated the pent up demand from one to two years ago.They marketed their condos at say $500 per sf only to find out that in reality their actual costs to build were in the $800 to $900 per sf range.So they back out of most of the projects.

The state pays the county so the taxes appear to be paid.

Might be easier to receive proper advice based on your experience level with different aspects of real estate.

One real concern I have is that it's beta and they appear to intend to charge a fee for it once released; I'm hesitant to integrate a service when I don't know what it will cost me down the road.

Setting up the trust is one of the easier parts of the process which usually involves around a 90 day Close of Escrow (COE).