I'd bet the majority of people here still have a full time job.

I have a bank account, with the major bank in my area (PR) that I use just for rent deposits.

Was hoping to pick up a foreclosed property that could use a little work and hopefully save some $ (I am a bit of a handyman) as a primary residence and then hopefully look at another property a little while later (6-12 months) as an investment or turn the initial purchase into a rental at that same time frame.I called the REO/foreclosure departments of a couple different major banks and they said that ALL of these types of properties can only be purchased from the realtors.Is this true?

Hopefully the condo association has a good reserve so that if there are major repairs needed, they will not have to issue a huge special assessment on each unit to recover the cost.

Some major repair is needed is my guess. 50% off is a huge difference.

It seems like a major rookie mistake to list the house before the POS inspection is done--if it comes back requiring the buyer to put up any more than a nominal amount, it has a very high likelihood of killing the deal, as the POS escrow can't be financed.

Most of them seem to pertain to properties with major rehab needed like fix and flips or wholesaling.

The best way to find a mentor is to join your local REIAs and after a few months of consistently showing up, start to ask the major wholesalers out for coffee and see if they can offer you tips.

Wear and tear or possible damage was considered and if significant work had been done it was flipped.Holding period: Consideration was given to depreciation and the after tax position usually begins to fall at some point, about 7 to 8 years and in consideration of major repairs expected.

A little bit of background on me, I am from Kuwait but have gone to school in California with a double major in real estate and finance.