The first house that I bought was 17 years old, 3 br, 1.5 bath, brick ranch house with hardwood floors, Andersen windows, ceramic tile baths, gas heat and a brand new roof. 

I ran my own custom proforma for a bank loan using the asking price that would generate a cap rate over 10% and CoC just under 20%.

you borrow on your house lend to another and they default your now are fubared.

There is an affordable housing crisis here in America.

House is well equipped with everything you need.

I know that interest on the acquisition loan can be included in the cost basis since it’s inventory.

I am specifically looking in Essex county, MA because I want to house back close enough to my current W-2 job.

@Michael Davisstart with a house hack

I would certainly advertise that and add pictures and themed items to house.

Quote from @Daniel Tanasa: Hello Terry, If you're looking to find houses that are in pre-foreclousure you can use a website like www.foreclosure.com and you can get the list of properties and start marketing to them.