Open filings are a lot of trouble because ALL of the person's assets, including a house are under control of the Bankruptcy court until the BK is either dismissed or closed.

It would pencil out like this:Sales Price: $3,600,000Basis: $600,000Net Gain: $3,000,000Our Share (50%): $1,500,000121 Exemption: $500,0001031 Eligible: $1,000,000Primary Residence: 33.33%$$ Producing Land: 66.66%We now have the property under contract with a home builder.

I don't think you could get in trouble for having them purchase a report they need to provide you.

My partner and I have started wholesaling properties and we are having trouble finding these distressed properties.

Phil,There is a chance you can keep the EM if you can prove you lost other tenants and where the proof comes in at if you can produce sign applications and what would you do if the other side wants to talk to the tenants you say you lost.

I'm having trouble leasing a very nice 2/1 at 6099 Ventura.

The other reason is that many of these properties tend to need work and many retail buyers don't want to do a lot of work.DO NOT try any funny business by trying to go around the firstlook rule, its not worth the trouble!

The value for something like this is usually based on the income it produces.

If the home was surrendered, a discharge order will be issued for the mortgage.If the home was selected to be surrendered, the mortgagee may opt to finish the foreclosure to deal with any additional encumbrances on title or a Deed in Lieu can also be arranged along with a directed sale of the property to produce funds to satisfy the lien.

So, mentors do have their place and I've personally benefitted from the right relationships, however my experience with an overwhelmingly high percentage of students is that way too few produce anything profitable, so I insist on vetting by way of substantial up front training investment, for starters.