But with revenue coming in from Ads to I want to divert that to a business bank account or a personal one?

I have heard from a source that the Federal Government is planning to buy out REOs from many of the larger financial institutions like Bank of America etc.

I look at the $800 loss and money I would just put in the bank every month.

Don't worry about getting a loan.......you are a real estate investor and will want to learn how to do this business creatively so you can avoid the banks.....such as lease options and sub-2 (because you will use none of your own credit and very little, if any, of your own cash.)

I find properties at a huge discount to market value (the properties find me); I go the the bank and borrow the money; and I rent the property to tenants.

Put it this way: You have a 100k home w/ 20k of equity and 80k from the bank @ 6%.

The bank comes to the closing table and issues a check against my line.

Yes,as an agent, that would be out of my comfort zone too. will the bank be aware of the double close?

No matter how good the current buying market is, the bank isn't going to lend to you so you can "speculate", which is what you'd be doing.

Mailing to the attorney is not a requirement at all in my opinion.Once "Letters testamentary" are issued then the bank accounts and assets will be "unfrozen" so to speak.