The unscrupulous investor will: Have the homeowner sign a Quit Claim Deed in which the homeowner signs over their ownership in the property.Fail to explain to the homeowner that they, the homeowner, are still responsible for the mortgage.Fail to warn the homeowner that they could be violating their “due on sale clause” with their lender.The homeowner is usually elderly or part of an at-risk population (English isn’t their first language, disability of some kind, etc.).The Division advises the following when it comes to these types of rescue transactions: Don’t sign any documents or a deed to anyone until you have had a chance to talk with your lender and an attorney about your mortgage obligations and your legal rights.Colorado has a Foreclosure Protection Act that affords you certain rights when you are financially distressed.It’s best to take proactive steps when you first start having financial problems, and here are some resources that you can contact:Colorado Housing Connects – Colorado Foreclosure Hotline – Colorado Bar Association “Find-a-Lawyer” – Colorado Legal Services – Disability Law Colorado (Formerly The Legal Center for People with Disabilities and Older People) – 

if so it’s best to inherit the property from the father to get the step up basis.

*I do know the sellers son so remember that as I don't want to mar any friendships with them *I need help applying these numbers to a calculator as I believe that is the next step if there is anyway I can get someone to help with    that. 

@Marlin Parker, Sr.Why is it doubtful tenant won’t go down steps to another floor to take a leak ?

I have a few questions, what was your first step in starting real estate specifically rental properties?

You can always go back and do the email; but why take a step backwards when he already spoke to you on his cell phone?

First step....find a local Wxperienced short sale agent.....the bank will require it to be listed for a short time and more importantly someone who Knows what they’re doing needs to put it together, including determining what add’l money a buyer may need to kick in to junior debts Before making an offer. 

We stepped in and took over payments, caught them up and gave them some walking money. 

If you can get really humble, step up and do all of the grunt work for your father and brother, you will accelerate your learning rate tremendously. 

Buy at 3k for local support/take home no issues with transit etc..price match and send it documentation to get it down to the 1800.Take it step further...lease new car vs buying one (even old).