As for the mechanicals, the house I am looking at is about 60 years old, so even if the stuff works right now, I imagine it will require attention sooner or later.

Add mechanicals, that's another $2-3 per sf, add roof, that's another $2-3 per sf.Just that stuff, and you could easily be at $20/sf -- on a 2000 sf house, that's $40K, and that's only basic cosmetic and mechanical repairs (knocking down wouldn't even be a remote consideration).Now, add in finishing a basement, doing some serious landscaping, upgrading plumbing and electrical, etc., and it's easy to spend $60-100K on a rehab.

That act rids the property of any junior liens (except certain Tax liens and perhaps mechanic's liens).Once the foreclosure has taken place and the lender owns the property (and after the redemption period) then the property is now considered "REO."

Then, you do not have to deal with any agents.Make sure to calculate and factor in all the costs on top of the winning bid, including:- Back Due Property Taxes- Rehab Costs- Municipal Liens- Past Due Utility Bills- HOA Liens- Mechanic Liens- Eviction Costs / Cash for Keys- Legal Fees- Court Fees- Transfer Taxes

I once got gap insurance for a condo complex elevator that was covered under a mechanical breakdown insurance policy with a very high deductible, but have not been able to locate any kind of gap insurance that covers the high deductibles on beach properties.

I think we've shamed smokers so much that lying has become an accepted coping mechanism.

Newton (and others) came up with some very simple equations that explained how the world worked -- later coined "classical mechanics."

-Would you be willing to put in the above mechanicals?

Kind of like Sears having good bedding in the bedding department, does not mean the Sears-branded auto repair shop outside has good mechanics. 

QUITE weird, tell owner you'll act like the heat guy you'll just do a quick walk thru of apartments. but I'd make sure I was able to see the boiler and other mechanicals before I go any further.I'd much rather have the 4 plex if it has enough parking.