I'm using borrowed funds to purcahse the notes, so I don't want to sit there paying my debt service for longer than 3 or so months without having an auction lined up.

So, subtract your monthly mortgage cost and calculate how profitable they would be.Assuming they're not losing money I'd probably consolidate for a bit, not take on any more debt (of any kind), pay down all debt, but particularly pay off the SMALLEST loan.

I'm not really utilizing the license because all the leads I get I give to my wife who is also an agent.

Until you really understand the numbers, live in the condo, pay down any debt, and save.

You don't want to take on a bunch of debt and be losing money each month.

This week I have been very busy with my rehab projects that I did not have a lot of time to handle this lead.

This should give you tons of the leads you were hoping to locate.

Our office does not use buyer agreements either, so we are exposed to that risk of spending a lot of time with a client that turns out to lead nowhere, since the client may choose to purchase with someone elseThey way our office tries to deal with this is by getting exclusive listings, so the buyer would HAVE to buy through us if he really wanted the property and we have agreements with the seller that even if the seller deals directly with the buyer we STILL get paid a fee as the exclusive listing agent.

Obviously, I'm not ready to commit a ton of capital, or I wouldn't lead with the word "guess".

You want to find the ones that are, for some reason or another, desperate to sell.Once you get a good lead, you meet with them and figure out their situation.