A few that I really took note on are: having up to 6 GCs come to view the property and email you quotes, release of lean contracts, and having every transaction signed off on with instructions for said money.

Its the hidden cost that I was more worried about like environmental assessment, insurance etc. the stuff you can do with out and be ok 99 times and get killed the 100th. 

Looking at the MLS history is typically helpful in determining if it was just listed, has been on and off the market a few times (possibly due to contracts falling through), etc.If it is an auction property (which are sometimes advertised in the MLS with instructions to go to XYZ website to bid), it may be listed low initially since they expect buyers will bid the price up to market value.  

The hidden costs are in the turnover, eviction, non-payment of rent, damage, numerous trips to the property, etc...   

You can check out IRS publications 783 (Google it) for the IRS instruction on how to get a lien released.

There are a lot of hidden opportunities and pitfalls to look out for.            

Because you have a Plus account, I've moved it to the Marketplace:http://www.biggerpockets.com/forums/517-real-estat...However, only Pro and Plus members can post in that forum, so replies from Basic users have been hidden.

Once you close you can send an introduction letter to the tenants with payment instructions and any phone number contacts for issues, maintenance, etc.  

Here are the numbers...ARV around $95,000Loan Balance $95,000As-Is about $85-$90,000 (they got taken by a pretty dirty investor... needed repairs were ignored/hidden only to surface later)I'm assuming the way to go would be a short sale since the mortgage company said they would do it.

Just wanted to let everyone know that we just started to carry 2 new instructional DVDs in our real estate store.We're selling these DVDs at a discount to anyone who makes a purchase in the next 7 days.Use Offer Code: REODVDFor $10 Off - Buying Foreclosed Properties DVD SetI watched this set of DVDs and would recommend it to anyone interested in learning about REOs.