We rent out a legal suite and we own another income property in Surrey (a modified buy-fix rent - we lived in it first then rented it out later) and it's worked out well. 3) You may want to check into executive rentals (buy and then a firm manages for you).

I'm well aware that double closings are hard to execute but I'm more than ready to take on this challenge.  

It's one thing to understand the economics and the tax aspects, but it's the execution that makes all the difference, I think. 

Update:Deals executed, but not without their difficulties.Caution: loan officers seem to tell you what you want to hear, not necessarily the full on truth.

If you need an attorney's help, you get it while drafting/before executing the contract. 

Questions - 1) If you are targeting defaulted mortgages do you have a strategy in place to execute on that deal from start to finish when the defaulted homeowner says they want to work with you?

I use "collection agency" in quotes because there are almost always specialized legal firms that handle residential mortgage defaults... these firms collectively and loosely are called 'trustee firms' because they are assigned by the original trustee as succsessor trustees, and the intent is these collection firms will either get the borrower back on track or invoke and execute the trustee's power-of-sale.

At that time you can have your buyer execute the contract and send the EMD.

I can email you the power point and executive summary.

Coffee would be great, I would like to hear about how you execute your deals.