(Beal Bank out of Texas, they seem to own every third REO property around here, as they have astutely been buying up failed bank assets around the country for pennies on the dollar).

Will bank asset managers work directly with an investor to close a sales or does the sale always go through a REO listing agent?

Depending on your agent and what authorization they have, a simple request to have it removed may be all it takes.

Here let me take this non performing asset off your hands at 50 cents on the dollar, and while your at it pay me 5% commission on the deal too lol

We also have some savings bringing our total assets to about 600k.

That is why you want to buy below Market Value.Market Value is the price an asset will trade (sell) in an open competitive environment.Defined as follows: Market value is the estimated amount for which a property should exchange on the date of valuation between an educated buyer and a reasonably motivated seller in an arms-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently, and without undue influence.The delineation of "After Repair" or "As Is" technically exists only as jargon amongst REI groups and conversations.

If the investor files personal bankruptcy they may not have full access to their assets until the bankruptcy plan is completed.

You need to know your market, occupancy and competitive rent rates, renter expectations, your goals, risk tolerance, temperament, and your resources.You need to know your local tax rates, state/local landlord rules, housing authorities, insurance sources, financing options, occupancy and employment trends.There are crazy tenants but effective management can minimize the risks.Good luck.

My best guess would be that brokers get selected by the asset managers, then go through the process of registering with HUD, though I'm not 100% sure.

If I hear of an author, I check Amazon and see if I can get a used copy for .99.