That's how I got started (1978).The legal information that you to study is primarily found in CA Civil Code Section 1695 as it relates to Equity Purchase Agreements.Also, study CC 2924(a) et seq. as these are the laws pertaining to non-judicial Foreclosures.I believe you can still download a copy of the Equity Purchase Agreement which includes the statutory 14 point type font language at Ward Hanigan's Foreclosure Forum website.I still think the most successful people who are looking for super-bargains (meaning properties with lots of existing or created equity will do their best work by a combination of mailing, calling and knocking as owners are getting pounded by direct mail pieces.

How is it then the banks ever come to have non performing loans on their books ? 

If you're refinancing into a conventional loan, you shouldn't have a problem regardless (25% down and it's a non owner-occupy property).

Are there any laws defining rent rise discrimination for non-protected classes?

(non reo homes)Wondering how you guys break this barrier down? 

Some other Chicagoland brokers may have different ideas or experience but the only I can figure it could work with the MLS is either the listing is non-exclusive where you can contact the seller directly, which doesn't happen much, or you already have an end buyer when you contact the agent. 

Personally speaking I realized its much more profitable and flexible when you are on the investing non traditional side of the fence. 

I didnt screen the tenant property and therefore had a hard time evicting my non-paying tenant.  

I personally would apply both these methods on a non-HOA property over a condo.If you do decide to go the condo route, though, then I'd say consider it more of a live in flip than a long-term buy and hold.

If you live on the coasts, you might consider diversifying into the Midwest in areas don't crash as hard as the coasts.3) Liquid assets such as cash, cash equivalents, cash value in a whole life policy (if you can find the right one  in a non-direct recognition mutual insurance company), gold buried in a ditch, and tax lien certificates.