But more specific questions will get more more specific answers.Here's the ultra readers digest version.If you want to fix and flip house, buy them at 70% of ARV, less the costs of repairs.

With the ultra-cheap properties (in the $100 - $500 range), I've found that a lot of sellers are okay with it (if they really cared that much, why would they be selling for such a low price in the first place?). 

Do they allow solo entrants ... or Ultra teams of 2-6?

Next appraiser takes 3 weeks to do a bunch of appraisals dropped on them, and comes back with an ultra low value , when they included comps in the appraisal for much higher.

Being familiar with their ultra conservative lending policy and knowing first hand how I and others in my department deal with downgraded credits makes me think the hassles and risks of consumer type loans are a better starting point until I can make sure that 1) I am well capitalized and 2) a big enough relationship to be worth something to them.

The broker/agent is NOT required to submit offers to the note holder.The broker/agent is only required to submit to the seller.The broker/agent can then advise the seller of whether the offer has merit and is worth submit to the bank for a chance at an approval.Brokers/agents doing short sales for awhile know what numbers banks are wanting to hit.If the offer or terms are so off the mark then the broker/agent will advise the seller to counter back the offer at terms the senior note holder will likely accept.For REO brokers the banks are repeat clients.For unproven investors you are trying to get a one off transaction at an ultra low price to start your investing career and build cash.So the REO brokers care about the banks their cleints much more than you "getting a steal".

I'm an ultra ambitious go-getter with 2 years experience as a real estate agent.

(BTW this is coming from an very active investor in LA where its ultra competitive yet we still have strong deals in our pipeline.)

I was thinking of asking the city, but was afraid they may start to ask questions.Also, the property is about 1,000 feet from a river that flows over 100 miles to Portland, where they are ultra concerned about water quality.I personally think banks (and the Federal Govt) should be required to disclose any activity they perform of this type whether legal or not, and not be able to hide behind the foreclosure exemption on disclosures and "as is" labeling.Now to find a lawyer that would know such things...If it's legal, perhaps I can start my own landfill business to compete with the high costs the county charges.  

.#3- Has an attorney/inside man(my words, not his) that is ultra connected to distressed deals and seems to get them to the table on these deals before most others even know about them.My question to the seasoned real estate investors out there, which relationship do YOU HAVE in your business that is most important?