Prices in Ontario are stable and just coming off of big increases, so to get it for $16k below where I first saw it in this market seems like a steal to me (will rent for about $950/mo. after I put about $6k into it and has a HOA of $275)...so I feel like I'm getting (for California) good cash flow and I'm guessing $10k of instant equity. 

I figure if I am able to have positive cash flow after accounting for the PMI, once I get 20% equity, I can refinance and I'll have an instant boost to my cash flow (who can complain with that). 

Yea, I'm thinking that probably would have been a better option, but not if it was her first purchase and she was dirt poor, then possibly the $7k instant cash may have been a better option.p.s.

If the first words out of your mouth are "Hi, I'm --- and I'm a Real Estate Agent, I'd like to buy your property" then you will instantly put them on the defensive!

I do lots of deals in Texas and Zillow and all other "instant" valuation sources are so out of whack, if I did deals based on their numbers I'd lose my shirt.Another challenge with "instant valuations" is that they don't consider model comps.

While, if successful/lucky, a winning deal in a tax deed should give at least 70% instant equity (which seems to be the min. qualifying #) this is not redeemable until the title is "quieted."

Instant equity!".

I get the property with an instant 30% equity that I immediately sell, pay off the first and second mortgages, or alternatively rent it out.

The whole point of not going to my closings was that I didnt have to waste time going and I didnt have to collect a check that would time to clear...I could get instant money.....Guess not.

The stock market is very nearly an efficient system (that is, there are few real "deals" out there, because changes in a companies value are almost instantly reflected in its price) so your only real source of income is long-term appreciation (or maybe dividends if you go with a more conservative portfolio).