When the local market started really heating up, the banks dumped as many as possible.

I hired a lawyer who got as far as talking with the short sale group at US Bank.

Hello  fellow BP'ers!Hope all is well with everyone! Our family has a four-plex that my dad is looking to give my brother and I to manage and own; so he can focus on getting promoted and maximizing his pension. My bro...

We have other rental assets here on the East Coast that we'd like to transfer into a CA rental property via a 1031 in CA and rent out the unit for two years.

It's possible with a longer time on market, they may be open to a lower price.2) being sold by owner - may be more opportunity here. price may be over/under market value.3) foreclosure - bank is motivated to sell. may be willing to sell under value especially in a slow area.based on this, it seems like best bet would be to pursue houses sold by owner, foreclosures, and listings that have been on market for a while. there also is a whole other approach of finding motivated sellers - drive bys, bandit signs, etc. 

Most local banks will quote you high 5% rates, with 5 years balloon and 20 years amortization (depending on the property age and location).Agency debt is more competitive but more often then not the loan balance need to be over $1million.

for banks to take short sales the property has to be listed on MLS as well for a period of time.

It just automatically transfers the money to you each and every month after that. 

Or keep the 1st property and use as collateral for a 2nd bigger property if I can find a bank who will work with me. 

TOTAL CASH AT REQUIRED AT REFINANCEMonths to refinance: 6 monthsRehab duration: 3 monthstotal interest paid to hard money: ((11.99% x 92700)/12)* 6 = $926.3* 6= 5557.4closing cost: 2500Refinance loan(70% of arv): 84000Total cash invested= (Total amount needed at aquisition)+ (closing cost,refinance)+(total interest paid to hard money) + (difference  between hard money loan and bank loan)= 12500 + 2500+ 5557.4+ (92700-84000)= $29257.4; the calculator states I have to pay $23700.