(we did not want to buy in a new area till we were sure we wanted to stay long tem).

Another friend of mine is picking up homes on the cheap (but often all cash) and putting a little into them and flipping tem quick walking away with 15k-25k after all expenses in about 60-90 days.

Them: NoMe: I'll give you $1,000Them: NoMe: $5,000Them: NoMe: What if I ask you on a Tuesday morningThem: NoMe: On a Saturday afternoon?

@Marzella ZielkeIf this is in the area I suspect it is, you will probably find your only option long-tem is scrape and build. 

Solomon FulopThese numbers are a bit tight for my liking but you are putting very little money into it and you'll live for free so for you, I guess this works for you...looking at it strictly as an investment, no me gusto..3 concerns: 1- Having to live there for the duration of the loan without being able to refi out..I'm not familiar with these loans so perhaps there are other ways to get out of this. 

Also from court house search - you can find out the original loan amout, interest rate, tems and calculate current balance plus add six or eight monts payments - missed - check for any tax liens etc - Then you can foreclose and get the house- or do a work out plan with home owner to have better yield-

That would also put tem in the rehab business with collareral.

Yes, properties prices are lower and likely to stay low for a while, but if you cannot rent tem, it's a problem, especially for those who rely on mortgage to finance their purchase.

These types of units don’t tem to sell as well as they would if it was still a duplex.

Look long tem and work backwards.