@bill Just my 2 cents as well, but talk first to an accountant, to see what type of entity you want, Subchapter S and LLC have slightly different tax structures but both are pass through entities to avoid double tax issues and reduce personal liability, You can set up an LLC or subchapter S in minutes, but if you don't know how to keep the corporate formalities you might as well throw your money for it in the garbage.

This seems like a great opportunity to begin but I have no formal training or experience (aside from listening to the BP podcasts).

@Mindy JensenNOD = Notice of default, commonly used in non-judicial states where the home owner is notified 30 days prior to a Tue court house auction of their home.In juducial states I believe this notice is called Lis Pendends, meaning bad stuff about to happen.  

We have been talking to a banker (informally), once we finish our partnership agreement we are going to get financing (formally) squared away.  

I am currently in the process of email negotiations leading up to my first formal offer.A couple of questions:What is an LOL?

That is to say, formalized learning with organized lessons and a syllabus is how I learn best.

Does that mean my judicial foreclosure period starts this year, or does last year count since both years were paid for?

You can certainly do so, however your own mgmt company should mirror an independent mgmt company, including management contracts, actual flow of management fees, reserves, deposits and all the other formalities.

With other types of unsecured judgement liens, such as credit card debt, you need a judicial process such as a sheriff's sale to foreclose.

My formal opinion is clearly formed and frankly the rainbows are gone, the flowers are dead and the clowns are not funny.