I’m new to foreclosures. I had a friend, who currently has 30+ units, claim that he had 50 at one time in another state before moving to my area and starting over. He says that he would contact owners of foreclosed homes before they sell, sit down and buy them dinner, and see where they were at with it. If they just wanted out, he had them sign over the house to himself and he would rent it out after they left the home. Is this within legal guidelines? Is this wrong? Can I do this? Any help is fantastic!

State and federal laws have been created just for this......sometimes referred to as rent skimming.....getting someone to QCD their house over to you with No intention of paying their mtg payments......stay far away from this.