Additionally, he was very clear he didn't deal with third parties and would not wire money to attorneys or closing agents and certainly not before receiving the fee.

It looks like you're already in Birmingham, so a quick drive around the neighborhood shouldn't be an issue and can save you a lot of headache in the end.If the Calera property adds up without relying on appreciation, and you have already done due diligence on what the rehab consisted of, who's selling it and what their performance metrics are like (tenant turnover, maintenance rate, occupancy etc) then that is the best of your two current options.

I may have additional questions.

:)Cap Rate is a market metric - has nothing to do with performance of the property.

If it's not really performing much above 5.5%, I'm inclined to suggest: Sell it!

Until it is recorded the city is still going to show the old owner as of record.Part of the foreclosure process does require advertisement in the local paper a certain number of time before the actual sale.If the notice gave a court docket number you can look at the case at the land court in Boston and see who the attorney is and try to contact them about purchasing or purchasing when the actual sale is (without looking at the actual ad, this may be the first step before the foreclosure is scheduled in which case there will be additional notices)Not sure if there is a law library in New Bedford at the court but if so they might be able to provide some additional information regarding how a foreclosure works in MA.

The buyer’s agent must disclose to potential sellers all adverse material facts actually known by the buyer’s agent including the buyer’s financial ability to perform the terms of the transaction and, if a residential property, whether the buyer intends to occupy the property.A separate written buyer agency agreement is required which sets forth the duties and obligations of the broker and the buyer.Transaction-Broker: A transaction-broker assists the buyer or seller or both throughout a real estate transaction by performing terms of any written or oral agreement, fully informing the parties, presenting all offers and assisting the parties with any contracts, including the closing of the transaction without being an agent or advocate for any of the parties.

3) For a 475,000 performing note at 5% with a 30 year amortization, what would one expect to get?

Yes, paying but I like a contractual relationship rather than a mentor who I'm not sure how much time I can take from them, etc. and that will hold me accountable, has done a lot of deals and is truly doing it and I can learn a ton from in addition to all the other supplemental podcasts, books, forums, meetup groups around MF.  

In addition to what @Gena Kirkwood said, there is a beginner in real estate sub group this Wednesday October 26th from 5:00-7:00 PM at Pasta Express on W Republic Road.