It is 5 bed 2 bath with two living areas.

Hey Jonathan, with your encouraging words and kind smile, I can feel my confidence level on the rise.

He left an executive level corporate job to invest in real estate full time because he didn't have any job security.

What paper do I want in my hands that will provide me a good level of assurance that they've gone through the necessary steps?

I also replace the kitchen and bathroom floor tiles because of cracking and not being level right.

Welcome to BP, Kathi.My question is, first consideration in moving up in corporate, is what is your level of formal education?

Deep discounts to market value are possible, but, in our experience, rare {most markets in Canada are small enough that inventory levels are moderate and there is no need to dump the property}.Lenders - particularly the Big 5 banks - tend to prefer Power of Sale as it's more cost effective for them: No/less legal expense; they do not need to maintain the property while it is for sale; the owner/borrow is motivated to get the best price possible for the property (and not to trash it); and, if the property sells for less than the note, the borrow is still on the hook for the balance.

It was a large house with 6 beds and 5 baths.

I think consistency is more important that frequency if we could start doing it once a month that would be great, and depending on the level of interest can increase frequency or break out subgroups for different Boroughs, I myself live in Queens and wouldn't mind starting Queens, Brooklyn and Long Island subgroups for example but let's start with the general NYC group and see how it goes?

I wish I had that level of detailed information for my company's portfolio.