If you aren't getting a real deal on it then why would you buy it? 

If you don't fall within that category a knowledgeable local real estate agent can be an excellent resource.

Oregon is a prime region for seller and creative financing on real estate transactions.

When I consider the risk and the rebuilding costs, I am surprised the insurance is not even higher price.We got a referal for our CA FAIR agent from the RE agent and they were real responsive. 

Since your property has high resale potential, some lenders may be willing to work with you.Cash-Out Refinance – If you’re open to refinancing, you could take out a new mortgage for a portion of the home’s value (say, 60-70% of the $500K), and use the cash difference for renovations.Personal Loan – If you have good credit, you might qualify for a personal loan for part of the rehab costs, though interest rates are typically higher than secured loans.Partner with an Investor – Given the potential profit, you may be able to find a real estate investor or contractor willing to finance the rehab in exchange for a share of the profits upon sale.Your best option depends on your financial standing, timeline, and risk tolerance.

Many buyers/investors are using this strategy to invest in real estate.- get into real estate with a lower rate and lesser percentage down payment.

@Audris TienIt Is known in the industry - read the website - logically two people could not manage $1.4B in real estate?

I was wondering if anyone has these same issues in their market, and how they've been able to skirt the mania and actually find real serious deals.

At the end of the day, losing $10k is really not a lot in the grand scheme of real estate investing, and given the seeming high volatility of this market ($275k to $220k, presumably in a matter of months), and the generally high monthly cost of HML, I would get out quickly and think of the loss as the cost of education.At least in my area (Cincinnati, OH) I don't see the market dramatically improving even as we get into the spring buying season, and, honestly, I only see mortgage rates continuing to climb for the foreseeable future, taking more and more buyers out of the market.

I am the Chairman of the Wicosnin Real Estate Investors (formerly WAA) we do the lobbying on behalf of the Wisconsin landlords at the state level.