Do i need to work with a wholesaler specializing in burnt out deals?

No if it's priced right it's a steal for most buyers.The fact the you mention THE RIGHT buyer indicates it is overpriced and the seller is wanting you to find THE ONE buyer who will pay top market for it.So it is either a steal or it is not.Usually that market is slow moving as those are move up homes and many buyers are underwater in their current homes.Research in your area WHAT IS SELLING.I focus on what buyer are wanting to buy in the marketplace and NOT what sellers are wanting to sell.Your MLS will have data on what product type is moving.Expensive homes have a bunch of outlay in marketing costs so the listing should not be taken lightly.Some friends that have been selling upper end homes for years provide basic marketing and anything additional make the seller pay for it and keep the receipts.Then when it sells they credit the seller off of their commission.This way if the seller wants to take off the market early or change brokers/agents and not give you the average marketing time to sell it they are out the money and not you.It makes the seller think long and hard about correct pricing when it is THEIR money on the line.

Chris, I don't want to give out specific names on a public forum, but it was sold to a buyer by an LLC as special warranty deed at the top of the bubble in 2006, and then quit claimed into a trust by that buyer a year later.

Hiring this PM was part of a package of a "turn-key" product.

Think about that, then explain how all of a sudden, because you're just a really special person, why that option is all of a sudden worth a few thousand dollars more?

It takes a special type of person to make the sacrifices that all veterans have made.

Most of the owners that are worth talking to are very hard to find, the only way to connect with these types of people is to be highly specialized and focus only on apartments owners and build relationships with them. 100 postcards is a good start, but i would recommend making calls EVERYDAY to actually find an owner who is willing to sell & is realistic about the value of their property.

Derek, It can be done for sure, in fact, some people specialize in rehabbing in similar areas.

I outsource these types of deals to other SS investors in my area who want to work them in exchange for a percentage of the profits.There are 3 "gurus" who specialize in this niche and if you do some research on google you should be able to locate their courses.

Its possible the particular HML you're talking to specializes in lending to self directed IRAs.