Is it possible to purchase REOs soon after the loan servicer has taken possession, but before it hits the general public?

If it rented for $1,900 combined, 50% would be $950 but your debt service is $1,300 a month.

Andrew - we will be a nationwide listing service.

I have enough in life and business to worry about to have one more thing to do.I'm sure other options can be just as easy, but it's nice that it's a service tailored to renters and landlords. 

To start any service business you shouldn't need too much start up capital.

The problematic parts did not pass.Interestingly, I would guess your tenants may lose out in the end not having a focused, hands on owner/landlord able to give great service to 8 units.

How is a fair “fee” for the bird-dogging service I’m basically doing calculated?

Current rents: you can glean this information through online sources as well as old-school searching (walk-ins, calling the buildings)Talk to local brokers to get the inside scoopMarket analysisCheck to see if building is in a flood plainYou can ask for, but these items are usually provided after signing a contract: Leases for lease auditing against bank statements, tax returns and leases (usually not provided before a contract has been signed).Tenant payment historyViolations, delinquenciesLease addendum and/or other agreementsTax ReturnsBank StatementsUtility billsCan RUBS be implemented (some municipalities may not allow it)Service contractsReserve fundsEnvironmental assessmentEmployee recordsStructural issues including foundationEmployee historyOther value-add features that can be added include:Trash valetCar portsStorageDog parksTo be honest, a similar level of due diligence is required across multifamily and manufactured housing (mobile home parks).Best of luck!

Just be as low as possible under your debt service.

Yeah, you could call and get a customer service rep and explain what you want and all but you're just gonna get the run around and will waste your time trying to get to the decision maker.