Unfortunately banks are balking at these loans b/c I guess they see them as more risk/exposure as well as alot more work involved to underwrite the loan when they can underwrite much simpler loans and make the same money for alot less work.There are definitely banks that will do it for you, just have to find the right one.

I'm just getting involved in the market and don't agree with the typical terms, but in Orlando here is the standard:1) $2,000 deposit2) Non-refundable3) No inspection periodSo, as you can see, you really have to do your due diligence and know your stuff when dealing with wholesalers.

Don't be afriad to jump in and get involved!

There is a lot more involved here than just an opportunity to seed my investment in rental real estate.

For more info on my RE involvement, check the Meet the Investor section on BP and/or see me in Denver for the BP 1st annual seminar in March.

I spoke to an investor today and was told that bird dogging is illegal in Michigan and that you have to be licensed to be involved in real estate investing.

Chris: Thanks so much for your words.My cousin and his lawyer (swindler) are just stonewalling me and everyone else involved.

Anyway, I am mainly inquiring with you guys because I've never been involved with an REO, so I don't know if it is worth trying to negotiate over these things.

Almost every aspect of real estate involves some form of commissioned sales.

Well I could have gotten my own policy but then there is double the money and debt service involved which reduces margins.I was added as an additional insured because the insurance company employee said it would not cause any issues and then the insurance owner 4 weeks after closing gets all up in arms.The existing policy is much cheaper than the rates I found.The building is 30 years old and once it hits 30 other carriers told me unless it has new electrical,plumbing,roof,etc. they can't insurance it for the best rate anymore.Her in place policy was originally written 10 years ago when the building was only 20 years old.Kind of like an existing lender will do much more for you than a new lender where it has to meet their parameters.I asked about getting a policy for myself and adding her but the underlying mortgage would want her as primary so that wouldn't do anything.I am thinking I can make her part of the corp I have set up for that property with a non-controlling interest.The underlying lender could be told it was for estate planning and asset protection if any questions arose.The insurance company guy says that mortgage companies sometimes do periodic checks on title transfers to check for wrap deals but I think that is being a little paranoid.