Let's examine the beauty of making money in real estate using this creative way.

Never use income projections from the seller or a Realtor, you can only use fixed expenses of the owner after a close examination as your position will always be different than the current owner's.

I just passed the California Real Estate Salesperson Exam in Fresno.

That's a really painful lesson in title examination.-- You don't get absolute occupancy rights.

I was explaining to him that I wanted to get my NY RE license and was wondering what the next step would be after I passed the exam. In

"According to BBVA Compass, the subject property must either be located in a low-to-moderate income census tract (as determined by the Federal Financial Institutions Examination Council) or the loan applicants cannot have an income greater than 80% of the median income for the area, per the guidelines"http://www.housingwire.com/articles/33120-bbva-compass-launches-zero-percent-down-mortgage-programSounds great for those who invested in low income housing areas don't think Los Angeles would have areas your friend would want to live in

This is exactly why I love biggerpockets.com, you have smart experienced guys coming up with creative ideas like Rich, you have smart experienced guys examining those creative ideas with a fine tooth comb and laying out the facts, like Bill, and you have smart experienced guys giving a well reasoned opinion like J.Scott and others here.Kudos to all, really appreciate all of you.Every investment has risk, it's how you manage risk and your own tolerance level for risk that matter to YOU!

Look at the posts and examine what the cash flows are on whatever kind of property you decide is right for you.

Your title examination done prior to the auction is supposed to reveal all of this to you.

Some of this has been mentioned, it's easier for me to list some of the real estate issues;Draft, review and have contracts and disclosures excutedDraft notes and deeds requiredEscrow funds and make disbursementsIf they are title agents as well, they can issue title insuranceDo title examinations and issue a title opinionClose the transaction and do the filings neededSet up an escrow account and oversee paymentsAct as the Trustee on the deed of trustHandle notices of default and secure collateral in foreclosureRepresent you as a creditor in bankruptcy mattersReview construction contracts and represent you in disputesRepresent you in Tenant disputes and evictionsObtain judgments and provide collection servicesRepresent you in sale contract and disclosure disputesRepresent you in obtaining compliance or relieved from code violationsBest of all, they can keep you out of trouble!