Offering strategy

[Joe Finnegan]

I'm shopping REO's and wondering about offer strategy. I've seen posts here that suggest that REO's can be had for 50% of asking price. Another post implied that you might be "black listed" if you routinely made extremely low offers to banks.

I'm going to look at a few REO's tomorrow (several on the market for well over 100 days). I understand the 50% rule for a rental, and I can factor in rehab costs. How do I formulate my offer?