With the rise in interest rates and likely eventual rise in cap rates, there will be some temporary disconnect between what sellers are still expecting to get and what buyers are willing to pay.

Eventually, when I find the deals that make sense, I will build a portfolio of rentals, with the goal of providing the passive income necessary to fuel the lifestyle I desire.I'm also interested in investing out of area / out of state where prices are lower and I can see some cash flow "upfront"; even interested in flipping out of state down the road.I'm already having a lot fun just learning (having my eyes opened), and with my burning desire to succeed I will keep having fun learning and doing throughout this whole journey.

I would like to flip them if possible or rent and eventually sell.

Hubby and I just purchased condo at the shipyard for our primary residence because we wanted a base in SF long term that we can eventually rent out.

In saying that, I am looking to gain experience in the rehab and eventually the buy and hold areas of REI and ultimately learn what constitutes a great deal.What value could I bring to a landlord?

hi kenneth. no, these are not specific to ny. these are guidelines that i followed to get the info i needed. granted, in other states, the " release of lien" or " release of mortgage" may be called something different, but the procedure is still the same. a few years ago, the feds put a limit on the number of foreclosures that a bank could put back on the market. that prompted the banks to put just those better, or more valuable houses up for sale and sit on the less than desireable ones. eventually, the banks come to the conclusion that these " junk houses" not only made their books look bad, but they were never going to get what they needed for them anyway. and, foreclosing costs even more money. so they release the lien. it gets it off their books, and takes away the liability for the house from the bank. yes, it puts it back into the owners lap free and clear, but the bank has to cut the fat somehow. so, they have to file something to release the lein, with the register of deeds or who ever it is done with in their jurisdiction. this is what you want to look for. 

@Albert Bui I probably misunderstood, but I thought that FNMA used to allow 10, and has  reduced that to 4.In general looser lending policy is probably good for investors initially, but it may eventually pushes valuations towards a bubble.

If you have the fortitude to stick with it they will eventually cave because they are tried of getting calls from you

I would feel good buying a house for cheap, fixing it up (improving the neighborhood image) and renting it out with good cashflow (and selling eventually).

I just eventually came to understand that number over in the lower right hand corner - the after tax cash flow five years from now - was totally fictitious.