BRRRR is what we have in mind to eventually do.We've considered a few options:*Purchase a pre-forclosure/short sale & renovate *Convert a single family into a multifamily *Buy a piece of property and construct a new multifamily Whichever path we choose to go, we would like get insight/feedback/advice from BP member's who have  traveled down this road. 

Those dividends will eventually (around 15 years) be enough to pay your premium each year.

They probably get 10 investors a week call them asking for the same thing and most of those people eventually fizzle out and never buy anything.

Yep many judgments never collect.Just like deficiency banks will go after a borrower sometimes and wait.With both types they just pay an attorney to file and record it.You leave it alone and eventually one of 3 things will happen.They will file a BK.They will want to buy a house or clean up the credit and will offer to pay part of the balance for a release or pay in full.So if the amount owed is substantial you pay the attorney to file and play the percentages on collection.

Guess Congress will work on that attitude and do away with capital gains exemption for personal residences eventually.

It took two months to actually undue the foreclosure and I eventually received the property.

Regarding http://www.biggerpockets.com/bank-reo.html,It is my expereince that many of these banks/lenders always list properties with listing agents and they do eventually end up on MLS and that is really the only way to put an offer in on them.

I was going to ask for the deposit, but would that offer any protection to me if they eventually back out?

If a lot of people work on a hard problem, someone will eventually sort out the tough aspects of it.Anybody whose job involves doing the same thing over and over had better be prepared to change jobs and learn new skills.  

Eventually I would like to get out of teaching and do this full time.Developed a relationship with some cash investors this year.