An acquaintance lost his job, moved out of his condo and rented it out. 6 months passed and he was sick and tired of being a landlord so I proposed an L/O.I took over his payments and agreed to buy it within 2 years for the mortgage balance.

Buy my calculation, somone paying $425,000 would be in the hole to the tune of $1500/monthWhich is not to say you couldn't find a buyer.Was you addition of the third unit done with proper permitting and zoning approval?

You stated seller is assured they will not get a 1099 or a judgment against them for a deficiency balance… since I make sure the short sale agreements say so.

I know one of the major factors are the credit balances and how much available credit there is.

If a property has a lease on it, ie a tenant is occupying the property with a valid lease, and the landlord gets foreclosed upon, can the tenant be evicted or does the person who buys the property at foreclosure have to honor the balance of the lease?

[ADS IN PROPER FORUMS ONLY]Thanks Brian

A property with "high equity" would have a big difference between the value of the property and the loan balance.

This isn't the mid-80's where manufacturing was growing, we had a positive trade balance, and there were actually goods made in the U.S.

There are a few properties in my area, Pennsylvania, which have caught my attention, but I’m not sure how to analyze these properties properly.

Tell the Trustee you can't pay for the property because they were not properly notified.