Before you buy a REO....

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Hello Everyone!

I have been looking at REOs recently and have been under the impression that these can potentially be a good way to make some money. For all you REO investors out there, since I have not bought my first one yet, I was wondering what steps you go through before you make an offer on a REO. What do you do research on? What inspetions do you normally have done? Do you need to go out of your way to get any special insurance or check title? I know very little about the process, so anything would really help! Also if you know a great book on buying REOs I would definitely pick it up.

Thanks,
Colin