that way you are not paying holding costs + rent.as others said, the market is slim if you are looking to cash flow it after it's done. 

Or you find out that your PM found his wife under the keyboard player of an 80s cover band last week and is locked up for ag-assault in the county jail for thirty days with no one available to collect rent or continue the process of evicting those people on Center St. who might or might not be running a under-the-table daycare center/illegal pain pill distribution center out of your property...Does your whole house of debt collapse because Murphy wasn't in a good mood this week?

Still some deals out there but there are slim and people seem to gobble them up fast...

BTW I'm not crazy to buy a bad deal but in NJ pickings are very slim in B to C neighborhoods.  

The market here follows behind CA about 2-3 years so while the REO properties are slim pickings there they are starting to flood our market out here.

The margins for error seem slim on that, and you are essentially buying it for more than that.If opportunity is going to come to you at an inconvenient time for you, then it better be worth it. 

As I am doing my research in the Oakland market, a lot of the math is starting to look slim in terms of cash flow so I started to study properties that could possibly be renovated with condo conversion potentials as a value add opportunity.

You could do it but the pickings are slim. 

Margins are very slim.

Pretty slim.