If your father's estate consisted only of the underwater house, your father or his heirs could could walk away from it and let the bank foreclose to get it back.

Hi Patrick,While it's optional, some people setup separate tax IDs for their 401k to keep reporting clean and organized.

HUD does an inspection called a PCR (property condition report).

As per that I was expecting to see about 60k In gross income reported in schedule e but only is showing about 22k for the past 2 years.

Enforcing your late fees usually motivates them to pay on time in the future.Sometimes paychecks don't line up with the first and the tenant will end up consistently being late.

If not with increased management fee you are looking closer to 60% to 65% cost and not 50% annually.Tenants not directly billed bu the water authority use about 30 to 35% more water monthly and do not report water leaks.If the tenants are not paying then you will have months of lost rent,damage to the units,and reconditioning costs.You need to pay close attention to the EXISTING tenant base going in.Run your own checks on them.The existing landlord might have just filled the building up to dump off crap tenants on someone else.The fact that this property has changed hands so frequently leads me to believe it has serious problems.People get think they get a deal and then want to jump off the burning ship quick before going down.Check title history chain and see if you can locate previous owners,their attorney etc. on documents.You can also look up if a previous corp bought it and the controlling officers.

They consistantly had over a million in business which mean experience, but some are still dumb as a rock that I know, but they sure are pretty....LOLI agree with Charles, I'm more interested in working with people who are business minded who happen to be knowledgable in RE.

Otherwise it can get complicated as you really are putting buyers and sellers together, facilitating sales.You need to read your state statutes very carefully word for word as to what requires a real estate license and then don't do those things if you don't have a license.You can be an employee or memebr in a LLC that buys or sells, as a principal, in other words if BAC LLC buys a property and you are a memeber of BAC LLC, you can then be entitled to profits for the work you perform in that LLC.Another way is for you to take an option to buy and then sell your option, this is placing you in a position of havine an interest in the transaction, but those you sell to may have financing issues with this, it also depends on property restrictions or title limitations as beeing seen as sales during a restriction to conveyances, again check and see how these issues are viewed locally.Generally, you can not act as a third party between a buyer and seller and simply arrange or introduce deals and be paid a fee independly as that is a function of a real estate agent/broker.Lastly, it's easy to get a bad reputation amoung Realtors if you're known as a birddog, they will likely see you as unlicensened competiton and expect them to complain and report your activities.

Curious if this property was listed and if so who is the servicing company or the company the REO agent reports directly to.As a tactic: 1.

Joshua Dorkin - the courses I've taken haven't been related to wholesaling, but include John Schaub on rentals, Bill Bronchik on partnering, and Susan Lassiter-Lyons on joint venturing.My previous investing career consisted of rentals - three-plex, duplex, single fam, mobile home.