And what about the realtors who seem to be compiling lists of sheriff sale properties to (presumably) approach desperate homeowners to list with them during the redemption period?

He wanted desperately to own his own business.

I agree 100% that, as you said, you should not compromise on your numbers, which is why vetting 100 properties, then making strong (ie, not a prayerful lowball) offers on the top 4 or 5 will be much more effective.In a down market, the spray and pray approach can be somewhat effective because you have a large crop of desperate or motivated sellers. 

Please provide input and help me figure out how to structure a deal.My Current Situation: I'm not desperate for a deal.

Hi I am hoping to get some tips for just getting started.A few years ago I was all set to get started with some flipping maybe renting.Just as I was about to start our financial situation changed drastically.My wife had to take a much smaller salary and I was hit with a ton of medical bills.So we went from looking to invest to living paycheck to paycheck.We have burned through all our savings just to stay afloat and things are going to get desperate soon.So I am hoping I can get started now before it’s too late.So I have been reading up and looking for options.Any tips or suggestions for someone in my situation to get started in the real estate game here in NJ would be greatly appreciated.Any wholesalers out there that can walk a first timer through would be cool.I have a partner who is less desperate then I am and maybe some investors if the deal looks good.Between the two of us we are acquainted with a lot of carpenters, painters, roofers and other home repair guys who would give us great deals.Plus we are both very handy and usually do all our own work for our homes.Hoping to make a move and supplement our incomes before getting too buried in credit card debt.Any tips would be awesome thanks.

Hi I am hoping to get some tips for just getting started.A few years ago I was all set to get started with some flipping maybe renting.Just as I was about to start our financial situation changed drastically.My wife had to take a much smaller salary and I was hit with a ton of medical bills.So we went from looking to invest to living paycheck to paycheck.We have burned through all our savings just to stay afloat and things are going to get desperate soon.So I am hoping I can get started now before it’s too late.So I have been reading up and looking for options.Any tips or suggestions for someone in my situation to get started in the real estate game here in NJ would be greatly appreciated.Any wholesalers out there that can walk a first timer through would be cool.I have a partner who is less desperate then I am and maybe some investors if the deal looks good.Between the two of us we are acquainted with a lot of carpenters, painters, roofers and other home repair guys who would give us great deals.Plus we are both very handy and usually do all our own work for our homes.Hoping to make a move and supplement our incomes before getting too buried in credit card debt.Any tips would be awesome thanks.

That's not to say that they are desperate.

Both sides desperately want to stay and seem like great people.

Plus, applicants are emotional and at times desperate it wouldn't take much for them to spin your reason for not accepting their applications and then finding yourself needing an attorney.

@Victoria DransoffIf the tenant is really desperate (or malicious), he or she may also decide to file for bankruptcy.