The inventory is low and I can see how time consuming it could be to look for properties for some investors.

But when I was running numbers it said on a conventional loan I could afford around $1000 per month mortagage.

Property is worth 80,000 - 90,000Original loan was 100,000 with a property value of 120,000I would be taking over at 82,000 due on loan at 7.5% (just taking over payments on his mortgage as I can't get conventional or private money)Net income is $1550 monthlyAfter expenses it cashflows about 280 a monthProblem - He is 3 months behind on mortgageHe has owned the property since 2000 and done a lot of work to it.

You might consider using a private lender to acquire the properties and then get conventional lending from a bank on them after you've owned the property for six months.

@Luis MorenoAre you buying and using conventional financing (i.e. properties at about $120K or less ) or are you buying all cash for $20 to $30K?

Many areas the local inventories are still under normal levels.

Generally speaking, our buyers can't go FHA due to title seasoning issues, and conventional lenders usually won't let assignment deals fly, so we we're reaching out to see if anyone could connect us with a friendly lender who will allow 0 day title seasoning. 

Here is some financing info for conventional;  hopefully you find this helpful! 

Given the low inventory in our market, readiness is very important.  

Check craigslist/local paper to see how is the competition doing and pricing.Last but not least, you can't get conventional financing on a $9k property.