Then in 2006 everything started to really go down hill, because anyone who could breathe, whether good credit or bad, were offered the chance to purchase a home.  

Again, I think the FED just wants some breathing room.

No one gets paid "for breathing".David J Dachtera"Success is not a destination.

Flipping, its all about the money and they can get in and out without having to work around a homeowner or have that homeowner breathing down their neck.I had a pretty solid contracting relationship with a company that had 5 projects going at the same time for us (after doing a handful before that) and we got comfortable with them.

If you think hard money is expensive, private lending will likely take your breath away.

When complete the property will feature 4 breath-taking units, a spacious lobby, renovated historic exteriors, modern interiors; all in the heart of Tucson just minutes away from the University of Arizona and downtown Tucson.This “gem” of a deal would not be possible without the systems, experience and creative intuition we have worked hard to achieve. 

It was to me, so profound, that it made me think back to one of my all time favorite movies, Kevin Costners, "The Untouchables" Sean Connery's character Malone, lay dying after being ambushed, gave Elliot Ness the name that he needed to put Capone away, and grabbed his shirt and with his dying breath said "what, are you prepared to do?"

Mid-500s and you have a tiny bit of breathing room, but with any cost overruns it could easily be purchasing at market value.One important thing, if you see other homes in the area with bars on the windows, it's a sign that you're in a war zone unless it's a gentrified area where only a few houses have kept it.

Again, I wouldn't hold my breath - but it is definitely worth checking out.

That said I wouldn't breath it because its still dust.