We need real information, and a workable strategy to give people confidence. 

However, in other areas, 35-40K is workable.

Then horror stories from some people... etc. etc.Anyway, I decided that if I didn't do anything now, that I'd always be afraid to do something... so I started looking (Jan of 2007)... and it took me until now to get something that's workable...My criteria for my first multi is that I wanted it to be near where I live so I could keep an eye on it... and I wanted it to cash flow...

Now, I can see entering into a contract at whatever price, contingent on him being able to convey title, where you give him some refundable "earnest money" which he has permission to use toward his foreclosure costs (this is your scenario #1).Scenario #2 seems less workable to me because the assignment just makes a cloudy title situation worse and would probably result in a massive mess if the owner redeems.

However, the Appfolio price does not seem workable for me until I get my first park stabilized.

Whatever it is, 300K is a workable amount in Bay Area.

The zoning is now a very workable issue if you do it right thank to some (sigh) more government regulations on Fair Housing.

Turns out, though, once I ran through the numbers - neither fHA nor private seemed to come close making a workable deal.  

I don't know if it is a workable deal or not.

I mold them into something workable (how can I fit this into my marketing budget, do I have the time for this, etc) and give it a shot.