Many have posted a few great tips already, that's the cool thing about this forum ;-) That said, I highly recommend using the awesome tools provided here on BP to learn the basics of analysis and underwriting.A few tips to get started and your continued learning:Find and connect with other BP members that are in your area.Set up keyword alerts to be notified of the topics that interest you.Read Beginner’s Guide.Check out BP Podcasts.Find upcoming real estate events and meetups near you.If you'd like to tag someone in the conversation, type @ followed by their name and then select the name of that person that appears below the comments box.

Vacation rentals are so dynamic, and I think this may be a niche that I will continue to explore.

Ultimately, if they are trying to lock in a long term "good deal" for themselves they are really just screwing themselves because they are lowering the value of their property exponentially.You don't make clear whether or not you plan to continue using the PM.

Definitely hungry to continue growing!

only hope for the second holder is the owner continues to pay on first and the house starts to appreciate to cover her investment..

Once I find good property management company to manage these property I want to continue growing it.

I purposely do not want to use the words "bank owned"  because the entities of foreclosed homes vary.  

I think if you search the forums for some form of "LLC or not" you'll find a zillion threads on the topic as it's a topic with many and varying opinions. 

But I think his hard work and rental history is at least enough to see if he's got a chance to actually own an asset with equity and continue paying on the note.

If you had chosen to amortize the points in 2012, you can continue to do so.