My uninformed guess (I don't live in your state) is that the owners will have to vote on hiring (and funding) an attorney and on a proposal to establish a POA.

Selling the house for $100K would likely be a great benefit.If you are wholesaling and have already established that the ARV is $200K then, depending on the repairs required, this could be a good deal.

@Damien Cox If you are finding a lot of seller leads that are under water, you may want to find a short sale specialist in your area and establish a relationship.

Establish a go/no-go criteria regardless if its a MLS or foreclosure property, decide on what types of properties you want in your portfolio.

If you've already established that these properties meet your criteria for quality/area/condition then no, I don't think you should worry about the 6K. 

Hi All,As there are many well established, and up and coming, rental property investors on here I figured I would ask this question of you.I hear many different options for financing your first rental property.  

Long term I would like to establish a business that my children could work in, and eventually inherit(should they chose), or at least cash out on.  

We invested all of my income into 2 pure rentals before we were transferred again.We use our transient military career to invest in personals because they have 1) cheaper down payment 2) Lower interest ratesWe live off of one income (my husband's) using mine when it exists (it can take awhile for me to re-establish myself in a new area) into pure rentals.Because of our transient life style causing home to be "relevant" to the current set of orders.

Unless its very low valued assets or a very well established TK type player that has deal flow.  

And to the topic of unaccredited vs. accredited, unfortunately those working within the federal regulations are accepting only accredited investors, whereas those who are going intrastate are able to take retail investors from within the state that their projects are located.