Note: I'm not a lawyer or an accountant and this is purely info based on research I've done.

I'm not a lawyer but a deed resriction isn't a deed of trust restriction.

I suggest a lawyer write the five day, and let them handle the eviction if needed.Welcome to landlording.

You should spend some time and money with a knowledgeable lawyer to be sure you understand how this process works in NY, it varies a lot from state to state.

I've called 3 title companies and no one seems to understand the process even after I explain it to them (assigning a purchase agreement over to a end buyer) I've called one lawyer that has never returned my calls and one attorney told me that I need to beware that what i'm doing is not borderline illegal !!!

3) Finally, as I underwrite this deal, do you think it is realistic if I assume about $100k in lawyer fees to foreclose on this property?

the only way it's even close to 'hands off' is if you have a helluva a GM, and pay them very well for running the show.Maybe you do weekly, bi-monthly or monthly meetings with them to keep tabs on things, but they are empowered and enabled to do what they need to.You have to resist micro-managing, and again, they have to be paid well.

The logic is that as a lawyer his materials are more likely to be clear about the legal principals.

Jason I am a newbie and I appreicate your advice...I will consult lawyer on this...I will make my business to visit your site your great...thanks

Everything is done other than signing the docs at this point so will take your advice and talk to a lawyer and for sure the asset manager at B of A.