That helps quite a bit.The other thread was just a question of how a homeowner filing bankruptcy affects the foreclosure process.

Can you say BANKRUPTCY?

I asked them about going though Bankruptcy, Divorce & Probate attorneys i tried this once and all shot me down they spoke about about client & attorney priveledge info and they couldnt tell about their clients situation on their assest , I wanted to know if any has a sucess from calling these types of lawyers and what i can do to get them to call me.

You wouldn't know it, though -- few banks actually offer the program.To purchase and finance a home through Fannie Mae with more than 4 existing financed properties, investors must meet all of the following criteria:Own between 5-10 residential properties with financing attachedMake a 25 percent downpayment on the property; 30 percent for 2-4 unitMinimum credit score of 720No mortgage lates within the last 12 months on any mortgageNo bankruptcies or foreclosures in the last 7 years2 years of tax returns showing rental income from all rental properties6 months of PITI reserves on each of the financed propertiesFor refinances, loan-to-value is capped at 70% for all property types

They have no seasoning for a foreclosure / bankruptcy / short sale, higher DTI's, unlimited number of financed properties.There's another lender that does focuses on non-owner occupied properties and offers no income documentation.  

They also have full bankruptcy protection which is important if the company goes bankrupt, since you don't want your money to be in limbo or lost.

If the IRS decides you've handled it improperly, they will declare the entire IRA account (that A stands for arrangment, not account) to be a distribution, and you will owe tax and penalties immediately.

Should I market to newly filed BK's for lease option on their property or should be a regular purchase down the line?   Is this a bad idea?

Once you close, you will still have 45 days to declare and 180 total days to close on the new property. 

Welcome to the site @Prima ServYou should contact an attorney to create an LLC along with an operating agreement that outlines shares, profits, duties, contributions, triggering events for changes, what happens in a death or bankruptcy etc....