I have a lawyer picked out in Florida, but I just don't know what to do.

If you take title subject to the mortgage and it's not assumable then you run the risk of triggering the Due on Sale Clause in the mortgage and having the remaining balance due and payable on demand.Sounds like she had one of World Savings famous "pick a payment" mortgage which was cloned by a few other banks and now owned by Wells Fargo.

At the same time I would pick up some added depreciation on the 4 plex and also would help diversity my portfolio instead everything tied up in the commercial property.

I'd have to pick a property up at deep deep discounts just for the brain damage of learning a new market and due diligence required.OTH, if you are a subsidiary of GE Capital and can buy 15 properties in an area, that changes things, I assume you're not in that position.Good luck!

At the end of the day, said entity will profit by having the loans they picked up at a discount refinanced by a govt insured agency (FHA, Fannie, etc) and dumped back onto the shoulders of the taxpayer.

I've heard that even if you have an LLC, if the tenant knows your personal name, they can go after you personally regardless of the LLC being the actual "landlord".I'm excited about moving forward (we recently stumbled upon a great property and would love to pick it up right away), but I'm a little intimidated at some of the potential insurance/tax/etc... issues that may arise.Thanks in advance for any and all advice!

Turn off utilities. 2.

There are these things called utilities - you know, things like electric, water, gas, phone, cable, etc. - that are turned on when somebody lives in a house.

You could also look for any assignment of the Trustee and contact the Trustee, likely if it went to foreclosure they will have the info, they may or may not give you an address to contact the lender.If utilities are turned on I have gotten the name, same from the assessors office as to where the tax bill is sent.Often as people move out and the property is not cleaned up, you may find names and addresses of all kinds of trash and follow up through those leads.

My rehab company utilizes both options and purchase agreements.