I have been reading everything I can over the last year or so in regards to real estate investing, especially foreclosures and am more than ready to begin investing. My father and I are about to begin investing in pre-foreclosures and have been really looking into forming a Land Trust and having the defaulting owner transfer the property into that land trust that me and my father will have some interest in. We would try to do whatever the owner is wanting to acheive. I have read the a few articles on the subject of Land Trusts but do any investors currently do this with their pre-foreclosures and if so what would your suggestions be to get started doing this? Also does anyone have any good stories they would like to share in regards to this type of deal.
First I am planning on sitting down with an attorney and seeing if he would be interested in being the trustee for the property in return for a portion of the returns. Of course I would be asking for free legal consultation in return.
Where do you guys think I should go from there? I really want to get started because I want to be working at this full time as soon as possible. Thanks a lot in advance for the advice.