My input is late of course but my gut AND quick view of the numbers are that you should look for other opportunities as a first investment that are less complex.

Of course many other considerations like who is managing the day to day.Also with LLC makes it much easier for you or partner to buy you out.

1st go here and do your courses http://www.californialicense.com/ they are the least expensive I've found and good online you just need the cheapest package I think it's $99 for all the courses you'll need.

. :)Of course anything can cash flow with enough down, but I'll be wanting to leverage as much as I can.

Of course I can ask the old owner to sell, so long as he's friendly I'm fine buying it from him for a few hundred bucks.

Of course you would still have to disclose your licensee status as an investor.

Of course, your loan officer might be having a bad day or just not like you, and in that case you're spending a couple thousand on legal fees and perhaps losing your property in order to find out whether you've cured the default or not...However, the conclusion that the lender will likely not to pursue a foreclosure if you attempt to solve the DOS default by re-conveying the property is bolstered by the fact that I ran a quick nationwide Westlaw search to see if there were any published opinions on the "curability" issue, and did not find any.

Of course, he's not crazy about paying rent either so I don't care, just covering my bases.

No courses.

The agent of course wants a chance a commission and goes out to the listing appointment explains to the sellers what the property is worth and if they list it at that price they may not get a offer for 20-30 days (after their foreclosure date) and in order to stop the foreclosure sale they need to under-list the property getting a quick offer to submit and that the actual selling price is determined by the bank.