Make sure you get all the paperwork from the seller, and you can go direct to the recorder's office and record it in person you don't need a lawyer or title company to do that for you.Joe Gore

Essentially, you'd be marketing directly to owners and heirs of real estate.

My agent will draw up the paperwork.  

At this point I would like to raise the money, buy and hold essential for 2 years or less, turn around and refi the property with "traditional" money.

I've heard a little bit about these consumer protection laws; essentially someone just told me to stay away from pre-foreclosures because of it.  

It is a lot of paperwork for them and then the process starts all over with a new buyer.

It was purchased two years ago (17.5k), and the new owner has done essentially nothing with the property. 

I agree with your on Fed rate changes; however, my bank is essentially a private lender that does not borrow money from other banks or the gov.

When I've purchased houses before, I've use a real estate agent who helps with negotiations and the closing paperwork. 

The owner asked the deposit (50%) be mailed to reserve the unit, but had no paperwork to offer.