If your credit is not too low(i.e. below say 550), or your don't have previous adverse credit actions(foreclosure, etc). 

For the home buying portion of my market, a large portion of the buyers are retirees from larger metropolitan areas that may be retiring with pensions or large retirement funds, thus not as adversely affected by current financial market conditions.

If you are risk adverse real estate, (especially out of state) is not for you. 

However, as I began with, I found my WHY in the face of adversity, and should you be in the same boat, I can honestly say that you should do the same.  

Most people run into adversity and give up.

He was doing great and on his way until he had a couple of injuries and he struggled to deal with that adversity and ended up getting into drugs.

One thing they emphasize is that  the people who had the balls to publicly complain where ostracized by other owners because they would adversely affect resale value if everyone knew what a disaster they were.So when an investor in NYC says, "move along, nothing to see here... everything is back to normal..."

I hope it includes stories of fighting through adversity and nearly losing it all just to come out on top as a millionaire......all while being 97% leveraged....All of that said, I know my local market is in need of a reboot....

The economy may take a while to recover but adversity to some is opportunity for others. 

The title wouldn't be clean to flip to most buyers or get traditional financing until that is handled.If you don't mind holding it, consider Adverse Possession or Master Leasing.