I won't be fronting any of my money but will be operating and managing the property.

Hello to all.Life is too short to deal with bad servicers, bad lenders and companies that don't care.Servicing should be simple from the clients perspective...and it should offer the client a combination of great CS, confidence in their operations and a solid, interactive technology platform. 

The own/rent question generally hinges upon the cost of buying and selling, not the operations (monthly) expenses.

@Brandon Donahue, cap rate is the Net Operating Income (NOI) / Sales Price.  

They are usually small operators who just move from customer to customer.

CMBS has rating agency surveillance, B-Piece investors and now Operating Advisors.

The ROBS 401k may be a good fit for you if you want to get into the flipping game as it will not be subject to UBIT  and it will allow you to fund your own real-estate operating company using retirement funds.

Unless your run-of-the-mill residential agent is of higher caliber than where we operate, they are not going to be able to (or want to) sell a run-down properties in which you would be interested as a flip. 

NOI and occupancy is not very relevant if the purchase price is out of line.If they wont settle on a sale price you have back into the value with a review of the rent roll and operating expenses...certified by a CPA or similar.  

Mortgages generally get a recorded "satisfaction" after a foreclosure, whether 1st or 2nd's....they just become irrelevant as an "operation of law".