Is This Illegal?
If I have read the law right. It is illegal to advertise as a foreclosure specialist. Well, what about placing ads wanting to by preforeclosures?
Ex. Houses wanted. 90 to 95% LTV. preforeclosures welcome.
What do you think about this?
House is worth 100,000
I offer 90 to 95% LTV (lets say $90,000)
I then place the house back on the market for full price but advertise it as a L/O or owner fin.
My profit is 10K
Goob, Bad, Ugly, or Illegal 
What does the law specifically state about advertising or marketing foreclosure property in your state? Why do you think it is illegal?
Where are your holding costs? What if it takes you say three months to fill the house?
I think you need to do more reading as this idea is not very creative or one that will make you much of a cash flow.
Just put an ad out there that says you buy houses and you should be set.
What we have been told is there is a grey area which you must not sink into. The current owner has rights, if you negotiate a deal and lease it back to the original owner WITHOUT TAKING TITLE [as in a sale] the grey hole is exposed. (stay away) There is additional detail which must be researched
Eric & Rosa
[addsig]
"If I have read the law right. It is illegal to advertise as a foreclosure specialist. Well, what about placing ads wanting to by preforeclosures? "
Law is not same everywhere on this, obviously, as we don't have such a restriction (to my knowledge, and I think I'd know about it) here in WA.
So how bout copy & pasting the law so we can see what you're talking about?
You have to find out the definition of "foreclosure specialist". Then you would be able to determine if it would apply to you. you will also be able to work around "foreclosure specialist" limitations once you know what you can and can not do.
Phil