I would think there are zoning issues, with what you want to do so you probably want to check with the local government and request a zoning hearing to change the use.

While my deal was involved and I did have some basic surveying knowledge anyone with a basic knowledge of describing lots could have had a surveyor do much of the brain damage for them.From the deal, I netted out an over 2,000+ sq ft "A" frame on a small local river that included a large barn, a few acres, pond, coral area and a regulation tennis court with 8' chain link enclosure, FREE to me when it was all said and done.

The fact that all of us, each and every one of us collaborating, supporting, counseling, mentoring, advising each other . . .We will outlast the Courts, Wall Street, the Government. . .We are the modern day gladiators, we are ENTREPRENEURS!

The option of putting 3.5% down with a government loan is attractive, but our monthly payments would be high and we would have interest on 96.5% of the money loaned.

The big question is, would any governing authority consider it wrong if certain bidders on a house have information others dont if that information was provided by a listing agent.

Several government foreclosures (HUD, Fannie mae, Freddie mac and possibly VA homes) have a two week priority period for owner occupants and if you can keep an eye on these sites and pull the trigger when there is a property with equity it might be a better way to capitalize on your housing than simply trying to capture rent check each month.

Be sure to follow the SEC regulations related to the sale of securities, because that is likely what you will be doing.To all of the other people that read this thread, don't misconstrue that the above complicated structure is required for simple flip deals.

The note holder can change the Trustee, often changed at assignment but many don't change them until a pre-foreclosure phase.Your "law firm" really needs to be where the property is unless you want a chain of firms tapping into costs of collections, these are regulated and limited but you can be assured you'll be maxing out to the maximum allowed.BPOs:How are you vetting a real estate agent's ability to appraise and value the collateral?

You have to also understand your local laws; landlord tenant regulations will be based mostly on state specific laws, and then there will be some local municipality ordinances to deal with too.

What Randy said, and I would also call your state department of insurance or whatever agency regulates title companies, tell them the problem, and ask for assistance in getting your taxes paid.