PS if you're really fired up about starting your journey, take a look at our BPCON 2024, it's in Cancun October 6-8th and it may feel like diving into the deep end but making that investment in yourself and your REI education can make a monumental impact as you get started!

@Cory M. be sure to follow our Detroit Deep Dive series!

The BiggerPockets Podcast Episode 728 takes a deep dive into what these are and how you can get into them. 

Im confused why note seller would be selling the note at this point before auction at such a deep discount.

You take on the role of digging deep into their pro forma and grading it like a teacher instead of writing the paper yourself. 

You’re neck deep in Paralysis of Analysis, a virus more debilitating than the Spanish flu, Bubonic Plague, and the latest virus du jour, Covid.I’m no different than you. . .well, I’m Italian, so I’m a better cook and I have three Uncle Tony’s who collect my rents.

For example my simple spruce up would be, renno bathroom, and kitchen, paint, and redo carpet upstairs.But if i think real deep into what I could do to make it a STUNNER then I think, knock down walls, create more open/broken floor plan, add central air, possibly do an addition to add a 3rd bedroom and second bath.So when you could do ANYTHING .. how do you draw the line of what you should do?

Most of them are also not very deep, leaving many situations unregulated.

Be wary and seek advice about everything before you dive into the deep end.       

So if you have deep enough pockets I'd hold the property for longer and refi into a conventional loan if possible.