Here are the factors:(1) house probably not worth much more than the first note and possibly, part of the second (with interest, penalties, attorney's fees, etc.)(2) house is occupied, not by the owner, but by a "tenant" who has not paid rent for a year; but has put about $50,000 of improvements into the house (he originally had a contract for sale with the owners)(3) wife (house is co-owned with husband she is divorcing) has filed for reinstatement of bankruptcy (her first petition was dismissed) and we won't know until we get to the courthouse if the petition is reinstated(4) there is an IRS lien on the husband which has been filed on the houseFurther facts and questions: (1) will reinstatement of the wife's bankruptcy stop the foreclosure?

Ideally though if I were you and you're just starting out here's what I'd do:I) Consider for a moment that you're still young and still have lots of time and energy on your side.

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They have bad credit which does not improve and therefore they are never able to buy the property.

Having just gotten it my plan is to make some improvements.

Andy, Ichiro, amp and Jurni lets get together next weekend, on or own terms, I am not sure about the RE clubs (meaning how efficient they are).

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that may be true.but as an INVESTOR, what you're looking for is these same houses (maybe a bit more beaten up) that have lazy, absent, distressed owners - now you're talking a real reduction in price (and possibly value) of say 25 to 40k...now we're at 60kyou increase the value by making the improvements the former owner could/would not and selling it at a price below the others - say for this example comp'd houses list at 95k - you're selling for 89k for a 20k profit!

Added assessments for improvements done to homes in between revaluations will bring the home closer to market value, as the tax assessor will add the improvement value to the market value of the home.