Financial freedom is more than just replacing your existing income.

3200 in cash each month without any other mortgage payment.

I'm going to start out with first position mortgage foreclosures (probably not the best idea to jump into a second position or HOA foreclosure until I fully understand the process), but even with the first position foreclosures, some of these deals seem too good to be true.

I wish NAR, realtors, and the MLS existed over there.

A family home recently went into foreclosure after my aunt passed away with a reverse mortgage.

One of the most powerful ways to start building a rental portfolio is by moving and using your previous primary residence as a rental, this is because you will have a lower interest rate on the mortgage than investor loans written at the same time on the same property.I regret the many times we sold our primary instead of renting it out over the past 30 years.

He still have a mortgage of 800k, and his equity is 400k.

It all depends on what you owe on the first mortgage to calculate the difference payments. 

When you buy a property with a existing mortgage.

The mortgage is assumable upon their demise (and at a rate lower than those currently being offered).