Again only with people with good credit and steady pay checks can do this and is a better alternative to hard money.

And after the 3rd I'd probably be stuck for awhile until i can save up a lot of money.Or an alternative to buying condos in LA would be to invest out of state.

That is why I am looking for cheaper alternatives.

If anything looks promising have your agent earn their commission by contacting the owner and negotiating the best price.Good luck Yes, I'd imagine if your property has been on the market for 150 days, then you get more and more willing to listen to alternative answers.   

Michael, [EDITED: Here's an alternative] Purchase Price is $147,900.

But I got married in jeans in a public park (and that was exactly what I wanted) :)  So I may not be the best to advise on this.An alternative if you're willing to consider it, is to move into the new property so you can get owner-occupied loan terms, which come with much less down payment requirements, and you can rent out your current home.  

I am keenly interested in the alternative marketplace which is Crowdfunding/P2P Real Estate Sites since early 2013.

There are many other alternate and creative ways to find deals that may be worth a shot. 

As an alternative, what are some good neighborhood in New York State to focus my note investment in?

When I say in the process, I mean we have secured lending, have evaluated and attempted purchase of 1 candidate (couldn't close the deal) and are now moving on to another candidate that we like.I've been reading around the forums about some of the financial evaluations and am working to understand why Net Present Value of free cash flows is not being used more in the evaluation of a property.It is interesting to understand the CoC as an income statement percentage and it is certainly interesting to do some quick calculations with perhaps the 50% rule.But until you take a series of cash flows, discount them by a Weighted Average Cost of capital, and determine if you can clear your next best alternative (stock market, paying down debt), how do you know if you really have a something that will make you money?