Setting up a deal that crashes and burns is not the same as making money.100% financing for high end properties sets off danger signals.You need to move the property.

Burned out landlords are a great source of deals....

As far as rehabbing, I'm not buying a burned out building an fixing it, but I'm fairly handy and can take care of the small stuff.

Fat tire sounds really good right about now!

Jump in without thinking, and you'll get burned.

I'm skeptical, but that's because I don't want to get burned, plus when it comes to money I'm just really cautious regardless of the amount.One more general question (for now) - if I do approach a bank to purchase a home that has been foreclosed, will I have much success making an offer that matches the principle remaining, or do I need to make an offer somewhere between the estimated (appraised) value and the principle that remained on the loan?

One of my friends picked up a partial burn down and it looks good for him even though him and his partner picked it up at land value!

IF YOU PLAY WITH FIRE YOU WILL EVENTUALLY GET BURNED

But I've been having the burning question that no one can seem to answer completly.

The house has a wood burning fireplace with a separate flue from the gas forced hot air furnace.