If the LTV were low and the rental income covers the payments it might not even be that hard to find someone interested.

A 30-year mortgage (and taxes and insurance) would easily be covered by the rent and I'd have a cushion of $300/month for repairs.

Even if they're willing to settle for $2k, and that's worth it for your situation, I would rather offer them $4k in pre-paid HOA dues to cover the next X years in exchange for wiping out the back-dues - rather than paying $2k in expenses for someone else's debt..

If someone is willing to actually take the time to do it, can someone walk me through, step by step, the average wholesale deal? Starting with the moment a seller calls and is interested in selling their house.

I kno...

If you need advice about HUD homes or FHA loans and have questions feel free to ask me, also check out the forum that covers VA, HUD, and Tax sales!

Did you suggest this large a downpayment to your seller so that your commission could be covered by it?

I want to cover subject like, Avoiding Foreclosure (this could be more then one, IE Short Sales, forbearance, Foreclosure law, etc, etc) Credit rebuilding, Refinancing, and anything else people want info on related to Real estate.

I have enough cash to cover the outstanding offers, if a miracle were to occur and I was to get multiple acceptances at once.

Our goal is to eventually do this (investing in real estate) full time , have some rental properties that generate enough income to cover our expenses.

I currently have stocks (on which I often sell covered calls), mutual funds, managed comodities futures through the RICI, and a fund which sells both call and put options on the stock market.