I think I can get it from them for 20k, but I might be able to work out a % of my profit at the end and transfer title to me for free.

I was going to do a deal on a property below $50k but it didn't work out.  

I've done ground up development and building, redevelopment, fix/flip, private lending, non performing note workouts, buy/hold rentals, raw land speculating, and probably more if I really thought about all the deals I've done.  

In any case, I put an offer in on a condo following the rule of buying 20% below FMV, and it was countered but still not even close to where I needed it to be for it to work.I researched about 25 properties viewed 4 and put an offer on 1 and it didn't work out.

This is not the same process as a SFR purchase, where the buyer obtains a letter of qualification from a dubious mortgage broker; this is a very intensive evaluation.That being said, nothing is to stop any interested party, qualified or not from making an unsolicited offer.  

lol - copy and past from my LinkedIn profile. thanks for pointing that out - not sure doing that full time would work out very well.mark sleeper likes real estatemark sleeper knows the ins and out of commercial real estate financemark sleeper is ready for lunch...lollooking forward to learning more from this forum. when you refer to wholesaling a multi-family transaction, how does that differ from being a broker on the transaction?

The numbers may actually work out, I'm waiting for my agent to get me some details back.

I am still trying to work out the Cash Flow on the property.

I would buy a partial or entire low balance note; or JV with an investor who buys NPLs and does a workout etc.

I live in South Miami and work out of Coral Gables.