Stay disciplined and avoid rushing into deals without thorough due diligence.Resources for InvestorsIf you’re new to investing in distressed properties or looking to expand your portfolio, consider leveraging resources like:Local Realtors: Realtors specializing in distressed properties can assist in locating off-market deals and navigating complex transactions.Community Forums: Attend a local investor meetup or join online forums for the Phoenix market.Educational Tools: Search out webinars, workshops, or courses on investing in distressed properties.Final ThoughtsThe distressed property market in Phoenix is creating some excellent potential for the right investors willing to go the extra mile necessary to take on strategic risks associated with this category of real estate.

Anyone doing this?  Besides lists from the tax assessor, how are you finding your deals?  

This would likely take coordination with a tenant at some point - (ie - plenty of notice to them that they must vacate in order for you to sell the property)Since your current home is free and clear -  you could do a cash out refi or take out a new mortgage on the new house to be able to buy your paren't house and pay off the mortgage.  

I have not heard of one of those, but am gearing up to buy my second house and could possibly use some sort of loan program like that!  

Maybe the infrastructure, electrical grid, water sewer, pavement thickness on the roads, cannot handle the extra people in the area.

Our 275 sq ft furnished garage should rent for $1600 - $1800/mo and the only extra fees compared to long term is $99/yr to post on furnishedfinders.com. ...I should have this finished by the end of next month, so can keep you updated on whether this plan works and what we rent for. 

The biggest key to a good ROI is getting a good deal when you buy.

If so, they can sell within 2 years and not pay capital gains taxes on the sell of the home.They could take that money and buy multiple rental homes in other areas if they wanted, or use the money to downsize in to a different home while still having money left over.

Between the equity on the condo and the extra cash you have, you can purchase 2-3 homes. 

Quote from @Garry Lawrence: I need advice on a serious situation involving a property I’m about to buy.