And addressing my item #1 comment, almost always, when a "distressed" homeowner is approached, they initially are grateful to have the loan brought current, but before long they forget the circumstances they were in and you become the bad guy that stole their house.

If you're purchasing a single family home you can use traditional financing like you probably did on your house or you can do a commercial loan.

House needs some Interior Cosmetic Work, Wood Fence Repairs and some Plumbing Work.I want to turn and run, but I recently heard where there is a Problem, there is Opportunity.I thought this might be an interesting Case Study.Thanks for the Ideas.If they owe $180k on a $210k property and its a year+ behind then they probably owe taxes and other bills as well.

If I sell one house per year, it will pay for itself.

Focus on analyzing properties and starting small, like house hacking or buying a single-family home to rent out rooms, while ensuring cash flow and maintaining an emergency fund.

We had a house on the Deschutes River in the subdivision we were doing a spec new construction house in.

Usually in the year following your purchase, the property appraiser will reevaluate the house based on the new sales price.  

In short, I can afford the additional $1100/mo cost of a second house, even until I rent it out.I have around $35K in HYSA and emergency funds that I could use for a down payment, but that's less than 20% which would be required for a conventional loan, assuming full purchase price.

Would add Sub 2 & Out of State House Flips. 

If I owe $350k mortgage and I take out $100,000 HELOC and spend it on say a 6 month CD,And then I sell the house for $700kI would only have $250k profit right?