First of all you need to know what contracts are involved.

With the government eyeing taking control of our banks, and most major stocks now valued at less than 10 times estimated 2008 earnings, now is the time to act for money investors.

so out goes the idea of the trust, but its a great idea though.2) The LLC idea, it the bank is involved they will pull a history of the property ( prelim title report) and they will find out that the LLC recently took ownership of the property... .. this might create issues.My thoughts, why not just talk to the BANK.... request them to sell you the non performing note ..

But no matter what the total commission is, normally this is split between the two agents involved.

This site is packed full of information and more importantly people willing to help out.This is a great time to be involved, just be sure to learn, but then apply that knowledge and take action!

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The idea is to find tenant-buyers, match them with a property from MLS (there will be listing agents involved who we will have to work with), find out what the seller will accept for option money, charge the tenant buyer more than what the seller wants, have the TB write the check out to our LLC, then turn around and write the check out to the seller for the option money they requested.

Get involved with homeowner pre-foreclosure, short sale with lender, buy from auction, buy from MLS.

If your lives turn bad again, you'll end up dragging him into a bad situation with you.If your dad really want's to get involved with real estate, let him do that on his own.I'm not an expert on credit, but I don't see you getting from high 500's to a level where you could get a mortgage in a year.

I'd keep an eye on the empty townhomes.