This has been discussed before on this forum, so you might want to dig around...But, in general, expect that for any FNMA property, you will be subject to the 90 day resale restriction, during which time you can only resell for a 20% premium to your purchase price (and no, the basis for the amount does not increase due to closing costs or repairs you pay for).While it's possible to negotiate out of the restriction (I'm able to do it about a third of the time) and while sometimes the asset manager chooses not to include the restriction (or possibly forgets), I wouldn't base an investing strategy around the fact that you can get out of it under some circumstances.As such, trying to wholesale FNMA properties these days is probably not the best business model...

My business model has drastically changed in last two years.

Nobody trusts anyone else's paper and/or the model now.HUD still has 30-year debt from what I am told, but it takes forever to close.

I've modeled this in Excel and it seems to work.

However, I think speculation is more of a "gamble" then the cash flow model.

Your business is a terrific model to follow.One thing I might do differently (for myself) is accept a partial payment in some circumstances.

My own refrigerator, very basic model, will be 14 years old soon.

I have mine, but don't want to flavor the responses.

Again I would highly recommend getting very competent legal advice if you are working preforeclosures in California.I'm not a "the sky is falling" kind of guy, but with legislation that can even be "conservatively construed" to include my business model I would be very cautious.There's really two ways to go with it.

I can do the arithmetic to evaluate it based on the operating expense model used on this site (you are the one that created this method?).