I am sure reading this it seems much more complicated than it is, but I just want you to realize there are more options than just Low balling offers, rehabbing the property, and selling it on the MLS for a quick turn around.

Usually the best technique is to offer them a cash for keys deal like the banks do to get them to vacate in a timley manner and avoid an eviction.

If the owner is dead, it gets more complicated.

Steve Babiak, thanks for the encouragement.One thing to remember is HUD has a very complicated process and most agents do not know everything about the system.

I was thinking it was going to be much more complicated than you describe, given all the new lending restrictions.

I worked with a colleague several years ago (pre 2008) who had a strategy for this type of investment, but it was risky and complicated.

Marie Poe.MLS is easy search, because I'm not using other marketing techniques...If MLS completely dries up, I will get more creative...lots of CA investors buying in my area also

In some training that I attended on seller financing techniques, I was introduced to the concept of the "sandwich installment sale", which is essentially buying on land contract and then selling via (a different) land contract - but I haven't done anything like that.

If you don't have a track record in the BBQ business, I'd suggest you dothe deal with the bank just as it sits, you will complicate matters, after you own it, do what you like and pay the rent.The mixed use should be viewed on a sq ft basis as to the use and seperately comped as you probably don't have a similar mixed use property sale (if you do that is what you go with).

Series LLC's are the new hype on the butcher block to legally complicate matters by individuals that can dream up all these structures and make them money in court.