Eventually I want to turn it into a rental property or sell it for a surplus at the very least.The current listing in question is for $150k and was listed four days ago.

The foreclosure angle is interesting but even there the second has a chance to gain from surplus funds at the auction or make their own bid.

I'm very familiar with California's laws concerning treatment of surplus funds from non-judicial foreclosure sales.

It involves generating a surplus over living expenses and investing it wisely.

In NC, for instance, "Unless otherwise provided in the declaration, any surplus funds of the association remaining after payment of or provisions for common expenses and any prepayment of reserves must be paid to the unit owners in proportion to their common expense liabilities or credited to them to reduce their future common expense assessments." http://www.ncga.state.nc.us/EnactedLegislation/Statutes/HTML/BySection/Chapter_47C/GS_47C-3-114.html

Since he owned several properties on which he was constantly having work done we simply agreed he would get any material surpluses to use on his rental properties. 

Since we deal in closeouts, surplus and discontinued products we are able to have very aggressive pricing that goes towards the bottom line of an investment house.

Not to generalize too much, but high-earners in their late 40's to early 60's often have surplus funds.You have done some successful flips, so summarize your track record in a couple of pages for sharing with these potential investors, emphasizing the relative safety of the investment via the low LTV, your successful track record, and the short holding period.Offer them 10% interest, bring 10% of your own money.

@Matt Tang Check your state laws, but in most cases the first mtg would be entitled to any surplus from the 2nd mtg foreclosure, thus paying them off.

The falling prices were largely due to a large surplus of homes coming on the market due to foreclosures and that people did not have the desire or income to buy them.