The problems with them is if your house needs extra advertising or extra care to sell it may not work.

We advertise on their box tops the first seven days of the month5.

I think most people don't want to spend the time to advertise, show and figure out how to fill out purchase agreements and all that crap.  

I don't know what your price point is on the house, but being able advertise "luxury master with his & her walk-in closets" is  huge- just ask any selling agent.

Expect a reposition project to take 2 years, not for a positive cash flow but changing the neighborhood’s perception of the place, this doesn’t happen overnight.I normally look at a project in 3 main areas:1.Management2.Building upgrade’s, repairs and landscaping3.Reposition tenant baseYour tenant base is very important, this will be the people that don’t want to move and that tell their friends what a nice place they live in (free advertising).

For that, he'd need a rock star property manager to advertise, show the unit, screen tenants, manage tenants and future repairs.

@Rumen Mladenov, I think you should start a kick-starter like campaign where all BP members can contribute to go after them, just on principle ;-)Actually, something like this happened to my cousin.

One thing to remember, homeowners who are willing to sign over the deed to their house and leave the mortgage in their name are motivated, i.e. two houses and payments, moving out of city, country, etc.I would do a direct mail campaign into areas that I knew what the houses sold for and then the motivated owners would call me and I would have my Property Information sheet out and start asking questions, like how much they owed, what are their payments, etc.

I havent had to advertise in several years.

@John Casmon thanks a lot and I know with your advertising experience you're primed to nail this in a big way.