It boiled down to looking at it for the long term play, not the holy crap 4.5% fee that goes through your head initially.

Say the initial loan is made on a 360 basis, in two years it changes to 180, in two more years it could adjust to 120.

I believe it is 1.5% of mortgage amount initially (added to loan), and .5% of the amount loaned per year.

I like the initial approach and just know that it will continue to evolve as you get going.

@Michael SmithBrianna is exactly right - RT4 allows for more units, but I bet at least one is illegal.

BUT you have to have access to quiet money or bank loans... there is hard money for this but your returns will go down to 20% or so if you borrow at too high a rate.I bet you can do this in CA pretty easy to doing infill in the more popular towns. and metro areas.

I'm betting the original deliquent fees are closer to 2-3k.

Initially I ran into the same problem that you are..they explained that a pre-lim happens when a transaction is opened.

I would say that your best bet for becoming an REO agent is to create a good relationships with an Asset Manager.

But I don't think there is anything magic about it, in the end it's just all the knowledge you can find in these forums, and then combining that knowledge with your own initiative.