One was allegedly going out of business, the second was a party who previously owned some of the properties I was purchasing (and subsequently forfeited them to the bank).  

As Jon stated, once the foreclosure takes place, the property becomes an REO and an subsequent purchase would be for the home and not the note.

We had a young tenant caught working while on WC & he subsequently lost his comp check (but he kept working off the books).He was quickly evicted by our PM for arrears.

This (larger) mortgage was subsequently “modified”.

If you can find "deals" for no more than $140k, that will genuinely appraise for $240k+ with just $25k rehab - you should buy them anyway, even if (only) to flip.The main point is: whether it's for a flip or BRRRR - don't buy UNLESS you reckon you can be all-in for less than 70% of its subsequent (anticipated) appraisal.

I know we personally have done much better with each subsequent house we have purchase than the previous.

It's your money and (subsequently) your debt so you can't really depend on someone else to create that thesis for you.That thesis can guide you to short-list cities, areas within cities, property types, etc.  

I think the crash of 2008 and subsequent buying opportunity was a once in a life time event.

As a contractor I would charge a fee to do that, I wouldn't mind that fee coming off the price of the subsequent work later.

Originally posted by @Joe Villeneuve:1 - Pay cash2 - Refinance cash out3 - Re-invest cash from cash flow on next deal4 - Live off of remaining cash flow after refinancing...rinse, and repeatditto.. our strategy for 30+ years & today everything we own is free & clear & anything we subsequently acquire is cash.