The seller needed to sell quickly due to personal reasons, which allowed us to negotiate favorable terms.

:-pI don't think it would be worth it, personally, unless your end goal was to relocate to Spain.

Have had it happen in personal houses before, it was usually due to humidity in cities with high, high humidity. 

Obviously the key to a successful flip is to find solutions for the distressed person. 

Anyway the point on the land basis is if you have a very low basis you have just now subjected your land equity to ordinary income and market risks on top of it.Plus personal risk on the loan if it goes bad do you have the money to pay the first off if you need to.  

My personal motivations and limitations have made me not consider turnkey, flipping and house hacking. 

I personally want to get the highest appraisal possible.

While 8% is pretty hard to come by for the average person, there are plenty of other options in the 2-3% cashback range for all purchases.

There is no shortage of renters out here and Section 8 is my personal favorite for my own properties.  

Have you all personally used them and tried them in Seattle?