The lender (or Judicial body if required) usually assigns the task to a third party entity known as a trustee who will put the property up for a public auction according to strict laws and regulations from the local, city, state and federal government(s).

Hi Megan, it sounds like you need a ne appraisal as whoever that was that did your first one was talking out of school he should have nothing to do with your banks underwriters as his job is strictly to determine value!

Hi, My question is...how do I set up a partnership with a family member that is willing to come in strictly with the cash to acquire, rehab and sell a property?  

What the advocates of this powerful system which is better than sliced bread with honey may say, is you can find a lender willing to do a cash out non-owner occupied refinance at 6 to 12 months strictly off the appraisal. 

Either you operate a business strictly by the rules and expect the same from tenants or be happy with having the tenant you have and ignore your rules.

@Ryan Denison I would agree that if your goal is strictly cash flow then another market may work better for you.

I'm also not planning on being real strict about the 2% rule, as I've heard it's not very realistic.Thanks again, I'll definitely put Spartan at the top of my list for turnkey providers to contact!

@Lee Brewer you should check out https://www.meetup.com/Triangle-Real-Estate-Deal-M...This is a meeting strictly for selling wholesale deals non MLS deals.  

I agree with others on checking the local ordinances, I believe Chicago has some strict laws regarding vacation rentals. 

The beautiful properties we once thought were great deals we now financially assess with strict standards to ensure they are profitable and ugly homes we would never think of looking to buy are now seen as excitable opportunities for potential revenue.