I plan on offering him $40,000 based off of the condition of the home and what it will take (my preliminary rehab projections $70,000ish) to bring it back to life.  

So this weekend I went back on Trulia and looked in my vicinity.. and I was in shock when I saw how many new properties were on the market in a matter of a few weeks.If it weren't for your post I would have given up searching around here.

I am a bit shocked to see Colorado on the list of places you are considering.

Well, I hope some of you, seasoned investors feel good about filtering out armatures in the preliminary stage of learning.

If I borrowed your car and you told me you needed it back when our contract was up, you would be shocked when I told you I would only give it back after you payed me 10 thousand dollars.

I got a huge shock and was 60 pts lower when bank ran my credit for mortgage even though I paid Transunion for correct scores.

It's shocking to see the difference between both worlds. 

If you get a better response than @Bill McCafferty's I'd be shocked.

If part of your strategy involves short term cash out or refi, you may want to develop a Plan B now.Seriously, you’ll be shocked how fast banks can cut off the credit Kool aid!

It's funny- I have friends in NYC and the east coast, and every once in a while I completely shock them with the news that there is actually an entire country just to the west of them- and those people out there, they aren't New Yorkers!