Learn your state laws regarding pre-foreclosures and equity skimming either way. 

If you go to the grocery store to buy a $4 gallon of milk and only have $2, nobody apologizes to you.

@Michael FlemingI have not read the article that you linked to but skimmed through it real quick.I base my initial 5 or so minutes quick ARV analysis on price/SF however, I will say that you need to know your market well enough for this to work otherwise you may miss something that may come back to bite you.If my quick analysis puts me in the ball park, then I can delve into details.You need access to the MLS or an agent that will do this for you.Not necessarily in this order but:-Plug in the subject-Draw a 0.25 mile radius around the subject.

If you go this route, you need to milk everything you can in the short-term.

I wasn't even representing the person being discriminated against in one of the situations so this isn't a case of me making excuses for losing a deal or crying over spilled milk...  

Once the depreciation has been "milked," you 1031 into the next deal and just keep "rolling with it."

and powdered milk (ugh).

One without too much integrity, plus they need to make sure to screw the seller out of additional profit to make sure the wholesaler gets his skim.

There is a lot to unpack in those and you will need to get good at skimming through them quickly. 

IRS IRA rules I skimmed through.