Originally posted by Meg K.

@Chris K.

@Adam K.

@Chad K. why can't you contact them directly if they are living in the home?

(hint, it's all about future values, both rent wise and appreciation wise.)That's why the market is so competitive in LA for 2-4's...The future value of a property or rent will not rescue you from a foreclosure if the present rental income is insufficient to cover the present mortgage and expenses and you do not have sufficient extra funds to cater to the deficiency. 

Buying a house for 200 k and selling it for 1 million is not illegal as long you are not making false claims,it is sitting on a oil field,the city is going to buy it for 2 million As long as the person has the capacity to enter into a contract without ,mental illness, intimation etc it is perfectly legal.Poor judgment or sour grapes about a purchase can lend itself to lawsuits,but the fact is this is the way the market works .

Originally posted by @Chan K.

I see you mentioned you work 9 to 5 do you have a 401(k) or 403B that you can pull some cash from.

The house is a 3 bed room house at the market value of 300K to 350 K. 

As far as I know the FHA 203(k) loan has a lot of paperwork involved, but will lend you the money for the purchase AND the rehab.You still have to have the 3.5% down payment.