What offer to make HUD?

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I'm a typical newbie.

I've been watching a HUD home near my area for a while now. It started off near $60,000 and has steadily dropped. HUD rejected a couple 30K offers from the same bidder probably 4 months ago when it was listed for $45K. That bidder hasn't been seen in a while and I imagine they found another home.

I've recently noticed it was dropped to 30K and "any reasonable offer accepted" tag put on the listing. I've never seen this tag before in my area but there are others in other areas of the state.

What does HUD consider "any reasonable offer" and what should my bid be? I think it could cashflow after repairs if I could get it for less than 22K according to Mike's system in his book.

What % off the bid should I offer on other newer HUD listings? Are there rules of thumb for HUD or websites/books you can point me to?

Are their pitfalls to the HUD process you guys could help steer me clear of? I'm a commerical contractor so I feel decent about my repair estimates. Thanks!