But they aren't going to accept collateral on just any deal as Jon pointed out. :)

Trusts must be valued annually, admin fees are based on the portfolio under management, discounting saves a bit.Notes held in partnerships establish net worth, if a partner buys out another they will want a discounted market value approach, the buyer will want market value.Notes traded for other assets or used for collateral will be discounted.The market value of assets must be determined for individuals to qualify for medical benefits, this is the lion's share of evaluations.

The 20K is not needed for 30-35 days if they could use homes as collateral.

The rights you have dependon the note having been made from cash or through an equity sale.Foreclosure does not give you the rights of fee simple, you have a collateral interest as secured collateral for the satisfaction of debt.

It will cost you less to use the money you already have and it won't put your personal residence on the line as collateral. 

The MLO will also help you start your collateral file off properly.

Did you mean you used your 5 rental properties as collateral?

Also no money down as my current rental would be used as collateral.

From your profile it says you live in Littleton which would not be in the stated "Colorado Ski Resort Town" :) so you would need to find another way.Something that is sometimes done is to purchase with hard money or use the equity from another property as collateral to get the new property bought and fix it up.

Here's a high level checklist, assuming you have done all of the important due diligence up front, especially the tax and title review and BK search.Initial StepsBoard the loan to servicingReview the hard copy collateral and make sure everything is there - Original note, assignments, allonges.Record your assignmentIf you don't have a BPO, get one or find a local agent to do a drive by and give you a first hand opinion on value and condition.Contact the BorrowerIf the borrower is in active bankruptcy, the following bullets do not apply.