I am pre-approved and $600K would be the maximum for my mortgage. 

When I got my property I had some support from my parents in financing, and we got some really good professional help, but with our current financial issues, that level of professional help is well beyond reach.

On the other, the foreclosure tanks credit and could cause an applicant to not pass a pre-screen process. 

Some background: my friend is a tenant who has been living rent-free in a unit for over ten years but is a professional painter and has been painting numerous properties/units for the landlord in lieu of rental payments.

You can use OPM (other people's money) but you should be bringing then something like experience or skills ....

PROs:Adds a level of professionalismAccess to MLSNetworking with other agentsAccess to resources of TREC, TAR, NAR, SABOR, & other groupsListing your owner propertiesAbility to earn commissions (or given them up in order to get a deal)Ongoing education that keeps you at the forefront of the market, legal issues, & trendsCONs:More liability (assume professional liability)Some people just don't like RE agentsRealtor - often considered the last bastion of hope for people who have failed to launch a  successful career in anything else.Dues, Fees, Insurance, Expenses in GeneralSubject to rules and laws that don't apply to non-realtorsHaving to work with TREC (they are just very slow and cumbersome to work with)For me, I find it worth it to be a professional in my field.  

I have a couple of conventional buyers that want to buy and are pre approved.  

And on my subdivisions I am currently building I do not record CCR's or create a HOA.. its only mandatory if we do a PUD... since I am building all the homes and ( praise the LORD almightly ) they all pre sold we are in and out of 27 homes in one year.. and I just leave the folks to self govern themselves.. there are actually a lot of buyers ( at least at these price points starter homes here  350 to 400k) that prefer NO HOA

Pre-foreclosure means there has been no foreclosure sale. 

In particular, I want to get started renovating homes outside of the Northampton, MA area, where quaint country homes are a prime market for visiting professors and working professionals.