A real estate transaction management process. A developer and a transaction institution enter into an agreement for the developer to purchase a pool of real estate assets at a price above market value. The pool has REO parcels and delinquent loans, each loan secured by a mortgage encumbering a parcel. Pursuant to the agreement the developer obtains some or all of the encumbered parcels by foreclosure, consent sales, and short sales, renovates some of the REO and obtained parcels, leases some of them and pays part of the rent to the transaction institution, and sells some of them and pays part of the sales revenue to the transaction institution.