I'm not really sure why the kids received any ownership when your dad died.

I wish agents received quality training in Lease Purchase, Lease Options, Seller Finance (carry backs, sub2, land contracts,) land trusts, etc.

I'm not looking to hold and rent them out.On my first flip, I don't exactly remember for sure what insurance we received.

Tell them if they have not received the check or lost it after receipt to contact you for a replacement.Keep a copy of the letter, keep the mailing record and the receipt when it comes back - FOREVER!

Truth was, he stuck us with $3000 in back rent etc. etc.Also, CPA's at the last REI club meeting stated the IRS considers that $10,000 taxable income in the year it's received and are auditing these deals more and more.

Which helps us to be the first or one of the first to get the homeowners attention.

Specifically when the listing agent receives an offer on a short sale.

After the loan has aged ( gone unpaid) to a predetermined point, lenders policy is to write-off the receivable and recategorize it into bad debt and expense it as a loss.

(yes I'm a selfish money whore that works a full time job and runs two businesses on the side)Then it is time for you to take action NOW to limit your exposure to the wealth grab on the horizon.

They receive a bird dog fee from the investor only if the investor ends up buying the property.