You've signed up for one PIA if the owner is still in the house.One way to tippie toe into this is to hook up with short sale agents and start working with them offering to door knock the NOD folks. 

Past performance is no indication of future returns.EDIT - Ok so I just did a quick scan of the greater Tacoma area and right now you valuation seems high at 1.4m.

The asking price was 125,000 and after I did a walkthrough with my agent I offered 100,000 because the house needed some serious work done.

That being said, I'm not a fan of holding property in anything sub B quality. 

Hi @Alex Lee I would avoid 203K loan and work with conventional renovation loan based on knowing you'll be forced to use 203k certified contractors which will cost more money and offer inflated pricing because they must follow 203k guidelines. 

We tried to explain this to VRBO call center reps, but they can't offer anything other than telling us to lower prices to pre-Jan 6 rates. 

It had multiple offers the day it was listed (like everywhere) but now the financing of the buyer is falling through. 

Tempe and Scottsdale can be competitive, but Mesa and certain areas of Phoenix might offer better cash flow opportunities.

.• I purchased a small 1B/1Ba condominium in a high rise building in 2004 for personal use.• In 2010, I moved out and decided to put in in service as a rental unit.• I was able to keep it well occupied and leased throughout 2024.• I sold the condo unit in late 2024 for a nominal profit.That brings us to today. 

Note: The BiggerPockets Calculators do not offer me what a goodl ol' fashion Excel spreadsheet might.