Foreclosures

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What are your thoughts on foreclosures? In the Kansas City area there seem to be some great deals out there on primarily single family homes. While multi-family rentals are what I am most interested in, the initial equity in some of these homes seems irresistable. While research still needs to be done and physically viewing the properties, I have compiled a list of homes where appraisals, comps, and past sale prices far exceed the asking price. What are your thoughts?