With commercial deals, generally the debt is non-recourse with no personal guarantee unless you do something bad called the "bad-boy" provision.The investors receive a preferred return of 8% and share in back-end profit.

Hi Billy, The BP Podcasts are full of examples of people who survived the latest downturn (2008), and I've always found it interesting to hear the stories of investors from that period.

You'll have a little recapture tax for the depreciation during the rental period though.

The second house was listed on a auction website for a short period of time.Third house also hit a auction site but only for one day. 

Use this as a learning experience, don't expect this to be a huge win.PS: My philosophy is if I'm going to spend money on due diligence and legal fees (since this is almost guaranteed to be a FC play) then I'd rather do it on an asset that's worth 40-50k+

The bank will prohibit assignments.The bank will require that you demonstrate that you, personally, have the ability to purchase before they will even look at your offer.The bank will require that the property not be re-sold for some period of time, probably at least 90 days.The bank, and I say this with all due respect, almost certainly has a better idea of the market value of the property than you do.

In CA, since most people now are getting a deficiency judgement waived, the redemption period isn't allowed.

If they are willing to do that, that is no guarantee the bank will lend you the money.

A flip is when you purchase a property, and then turn around and resell it within a short period of time.

These are annual amounts collected over a period of years to cover the replacement of major capital items such as heating and air-conditioning plants and units, electrical systems, roof's, etc.