Any amount you purchase less than you sell, or any amount of cash you take out is considered to be profit. 

These properties include different foreclosures and those that sell below their market value.

If you live in it for two years, you should be able to sell tax free up to 250k if you're single.

But if you want to maximize your deductions now or plan to sell the property soon, then using it now could be better.Also, if you or your spouse qualify as a Real Estate Professional for tax purposes, the losses could offset other income, like your W-2 salary.

You could go to work for a remodeler too perhaps giving bids, selling service or see if they will train you to be on a crew.You could also go to work as an ISA for one of the big wholesalers. 

I just heard a strategy of selling points instead of buying points.

If you want to mitigate all risk, sell your real estate, and hide the cash under your pillow, and don’t get out of bed ever.

At the time, PPR was selling courses for investing in distressed 2nd mortgages.

In NYC trying to compare like properties and eliminating co - op debt, co-ops will sell for 60% to 200% of a comparable condo.  

There are auctions to sell cars, police auctions, tax impounded auctions, antique auctions, etc.