I'm sure people do it all day and/or know people that do, even on this forum but that doesn't make it legal and doesn't mean that its actually done.If the lender becomes aware and does not take appropriate steps with the homeowner to right the wrong, the lender can be scrutinized by their internal and external auditors and/or regulatory agency.

By being in a condo association, you should have some advantages if they are responsible for external items (roof, driveway/parking lot, etc.) but you will still have internal items. 

I had already purchased an Atari 800 computer for $2500, then a Commodore for about $10,000 with an external hard drive and a Compaq portable computer for about $3500 that weighed about 35 pounds and was the size of a sewing machine in entirely covered with a plastic case.

. - If the person stands to make so much money, he might be willing to take a little less to have cash in hand.To your disadvantage:- If the seller has strong external interest in the house, the price might go even higher if your contract falls apart.

Rent in area: $750-$950Market Value: Realtor says MV is around 50-60K in that area (provided CMA), I'm having someone drive-by and snap external pictures this week.UPB: 69K while orig balance was 60KBid: Seller hasn't provided any pricingBPO: haven't ordered yetO & E: haven't ordered yetWhat i'm struggling with is assessing the risk due to the delinquent time frame and amount of taxes owed.  

Hardwood floors will cost me $8k in materials (~1000 sq ft) and of course I want to live where the floors were hand-picked by me and new!

It is easy for me to just look at numbers and once that makes sense, then I move on the external factors: value add options, local market, rental capacity for the community, growth and development, and local availability/stability.

The goal is to buy an apartment (preferably in a poor (cosmetic) condition) , refurbish it during my stay in there, get some external help if needed (I don't mind spending time in a messy environment) and sell it for profit. 

Some of the other external markets I'm interested are Indianapolis and eastern Tennessee.

@Steven Hamilton II I work in Public Accounting as an External Auditor (riveting stuff, I know).