He has already submitted an application through Zillow, and we have the contact number of his current home manager.Please let me know if it's still a good idea to ask the potential tenant for a recommendation letter from their current landlord, or if calling the manager would suffice.By the way, what should we do if the tenant has simply provided a friend’s number, and the friend pretends to be the landlord or property manager, or if he just make fake letter?

The process is to flip the cash (you don't flip properties, you flip cash...and make no mistake,...the property isn't the true asset, you cash is) through SFH as described above, then build your cash to roll it into the NNN for the long hall.You have to have a plan, and that plan must be based on numbers with $$$ in front. 

The AZ deal had a broker involved, the deal went all the way through the foreclosure process legally and thus was actually enforced by the Trustee at Stewart Title.

Sorry you had to go through that. 

If you want a "reasonably" fast way to straighten that out, you have to "connect" by clicking the name of the person you wish to speak to.

Another option is get a Stated Income Heloc on your primary residence through a good bank.PM and I'' be happy to refer you. 

While I am capable of holding onto a property like this, I fear for the newbies who have very real risks of not being able to hold onto the property long enough to get out from underwater.Because the buyer of this property is likely to be inexperienced and not know or think through all of the items discussed here, this strategy may put you in a ridiculous position of power for at least the next decade over the buyer. 

Be sure to have a written business plan and run your comps through a reliable software program before placing an offer on a property to make sure the numbers match your goal for the investment.

Typically, this is how I've done things and I've been able to get a few vacations for the family paid through the points and miles that I have accumulated.

If you drive through the other towns, it's apples and oranges in terms of amenities, the architectural detail of all the properties, the feel of the place, and the things they have built into the town of Seabrook.