My primary focus is getting assistance with how to present a Cooperative Assignment to the seller and also how this type of deal is structured as far as paper and closing from beginning to end.

It sounds like the lender is going to have to cut their losses on the existing owner and foreclose on them or do a short-sale type transaction where you purchase it, but at a value less than what the lender owes. 

It just seems everyone in this area has the same appetite for the same types of properties.Thanks,  Chris F.

(Also if you want to tag people just type @ followed by first 3 characters of their name and you will see the people pop up below, just click on it) 

yeah i agree with stephen l, you don't need a lawyer to file for LLC here in the red stick, i had to send $100 filing fee to have paperwork registered with sec of state web address to file online is sos.la.gov just type it just like that, i also had my bank file for my EIN when i applied for a line of credit application just have to talk to your local bank that you deal with real nice and they will work with you, the 1 i deal with is capital 1!

So in your experience @Darren Budahn would you recommend this  type of finance or would you do conventional financing.

You meet with those  professionals so that you are aware of the strategy of the type of entity you want to be  for tax reasons as well as other issues.  

Trying to see if there is any type of inventive way to get a deal on a house whose owner has used up most of their reverse mortgage.  

And I like the idea of paying off properties, so I'm cool with that idea.So what are your strategies to making this type of investing work for you?

Looking to see what type of tenants it would attract.