Good money after bad

[Matthew Bowling]

How are you dealing with properties where the previous investor paid too much for the property? There seems to be a lot of out of town investors in my city who overestimate ARV...or people who transferred property into an LLC and now want a huge return for holding on to a derelict asset.
I'm finding properties which would be profitable flips except that the current owners paid too much for them and now want a price which leaves no room for the rehab budget, let alone any profit.