I've lived here since 1996 and it is a heavily regulated state.

We would love to partner on the first few deals to get our feet wet.We have been heavily researching multi-family fourplex units enough to know this is our focus and where we should begin!

This could take a very long time as mentioned.Since the property is underwater the trustee will not have nay interest in holding up a sale since there will be no excess funds to help pay off creditors in the plan.If the property had some equity to neutral they might try to squeeze a little out and wait for the highest offer.If the tenants have vacated as mentioned then the property might become heavily vandalized just sitting there.The bank is at the mercy of the court and how fast they move.Usually the file is transferred from the loss mitigation to the BK department with the loan asset manager.The owner could still try for a loan mod or other workout while in BK with their permission.The bank gets them to sign in writing if they want to pursue this route so the bank will not be accused of collection activity while in the BK automatic protection stay.I think you watch this property but do not let it take up a huge part of your time.

Not really what I wanted to do, but it gave me more experience and another perspective on things.Fast forward to 2003/04, I got back into real estate investing quiet heavily - buying close to 100 units over the next two years while helping other investors get into real estate.

He knows these properties better than your spreadsheet, so I'd weight his input heavily.  

They didn't originally own it, but fortune builders has invested heavily in the company and now owns a pretty good minority stake.

Then we had a completely unrelated pressure breakdown in the main supply & we discovered the large 1960's era shut off valve on the city side of the water meter was also heavily corroded inside.

What type of neighborhood/areas are these homes in and how heavily did you have to rehab them?  

But the market will probably be biased heavily in favor of income over appreciation until some legitimate building stock shortages show up in key neighborhoods and until new construction starts showing more promise.

I will surely try different marketing campaigns through the use of technology, but I really do not think I will rely too heavily on them however, I could be absolutely wrong.