Unless your run-of-the-mill residential agent is of higher caliber than where we operate, they are not going to be able to (or want to) sell a run-down properties in which you would be interested as a flip. 

NOI and occupancy is not very relevant if the purchase price is out of line.If they wont settle on a sale price you have back into the value with a review of the rent roll and operating expenses...certified by a CPA or similar.  

Mortgages generally get a recorded "satisfaction" after a foreclosure, whether 1st or 2nd's....they just become irrelevant as an "operation of law".  

If one looked only at the principal law from which to form a legal opinion, the person or entity operating under that opinion could face action, fines, and penalties under other sets of law.

I think that the member or members in the LLC did not update the LLC address and any notifications to the LLC are probably not reaching the correct parties.I'd like to understand what I'm dealing with prior to bidding on a property, and it appears one of the members of the LLC owns another business that has been around for years and is still operating.  

@Peter Galik Peter if you are looking for a fully operational RV park in the Houston area I have one under contract that may be of interest to you. 

When the sale happens, the listing agent gives a share of that commission  (usually around 50% of it) to the buyer broker (or co-operating broker, as it's called in some areas).

Heres the way I calculate it,(Gross Scheduled Rent) - (Vacancy rate (at least 5-6%)) = Operating Income(Operating Income) - (Repairs & Maintenance + Utilities + Taxes + Insurance + Management Fees (at least 8%) + Replacement reserve (capX)) = NOIThen I simply divide the asking price by the NOI (Asking Price /  NOI) to get the cap rate.I can't find anything above 5 or 6 % at best, am I doing something wrong or does the MLS just suck that bad??

The terms include:-LTV% (amount of the value that the bank will loan you)-Interest Rate-Payback Term-Amortization Term-Payback provisionsUsing these, you can get a good idea of 1) how much money you will be able to get out of the property and 2) what the property's operations will look like once leverage is applied to the investment.

There are always lots of questions regarding how contractors operate on these forums.