3) I believe that after the BPO is delivered, the agent will officially list the property on the MLS.

Without the POF of some sort (it could be a bank account statement, a letter from a bank official, a letter from private investor - with that investor's bank account statement, etc), you should not make an "all cash" offer on REO listings that require POF for cash offers.What's so hard to figure out about that?

I would come up with basic terms you are offering, no official contract yet, and negotiate terms before attorneys get involved writing up a solid offer.

I still can't figure out why any of you would continue using BofA, not just because of this new debit card fees, but for all the crooked things they have and continue doing.In case you somehow missed it, here is the main thread about it:http://www.biggerpockets.com/forums/92/topics/60374-b-of-a-sucks-official-thread

Also be wary of those posing as government or quasi government or banking officials.

One is the "real" Section 32 of RESPA (Federal Law) and the other is California Financial Code 4970, which is referred to (but not officially named) "Cal 32."

If they are living in another location I comb official records for that county as well. 

I used to be against that idea before I was on BP, thinking it may come in the way of me getting a mortgage one day for my own home/investment... but now I realize that as long as the mortgage for this house is not on my name then I should be fine since I'm not officially taking on the debt?

However), you will gain the experience you need.Also, I think if you are buying the house at a good price and not leveraging too high (i.e. you putting in a solid amount of your own money into the deal and not making your lender put too high of a percent down) that might be a great way to tell them that they have a nice safety net.A few other things you can bring to a lender to get them comfortable: 1) Get the property appraised and/or; 2) pay a broker to do a BPO as-is and ARV; and 3) Get the property inspected with an official inspection report; 4) Get MULTIPLE contractors into the property and get detailed SOW's (Scopes of Work)  5) Show your other experiences, accomplishments, and skills in other areas and how they are relevant 6) show your credit score and other personal assets you have in case the deal goes south.Best of luck!

Where do you get this official Cap Rate from?