I had about 4-5 hours of travel in the car today, so I don't remember which podcast (of the 4-5 I listened to between the OG Pod and the Money Pod) this concept came from exactly, so forgive me for not posting under a show discussion.But the concept of making multiple offers on the same property at the same time was something I hadn't heard of before. 

Boston Globe editor referred me to AARP, unfortunately the fellow who might be helpful is traveling and not available for possibly 2 weeks. 

Thanks again for the input here and providing some high-level thinking about investing.Let's bring it back to getting started in investing and which path to travel.  

Dan, over-leveraged is bad no matter what it is in.... it has to be right and you have to be able to support this bad habit, I see you discuss a stable job and income, but you have to consider if you can support the leverage in cases when you do not have a job.

.- No need for cabins as members could lodge within their own travel trailer..- Property boasts 14 acre lake- 3/4 acre swimming area with platform and waterslide- Pavillion-Water and electric to 65 sites now --much room for additional sites-2 bath houses..one with showers4- bedroom farmhouse1- Country Style Retail storeCurrently operating 5 months/ present owners seeking approval for year round operation..Current owners feel that marketing outside the traditional campground guidelines -- organizations interested can still operate under campground status while implementing ( the buying organization ) its message/lifestyle...** Option 1-- Property could be bought with mineral rights ( property sits atop natural gas reserve...not yet developed...residual income once NYS approves ..Marcellus Shale Country...

David MIller This is going to sound myopic, and it is, but you need to factor in travel costs for purchasing and "checking in" on the property from time-to-time.

Traveling to the area next week.  

@Frank Chin That would only happen if the bank does the math, and the cost of traveling from the bank to the courthouse exceed the value of the property, then they obviously wouldn't give a hoot about it then.

Adrian Jones You are responsible to put the house back to code unless the city will say that it is grandfathered, yours is a great example: a non-habitable space converted into a habitable space that has no permit means that you are responsible to convert that back or get the permit for it, meaning prove to the city bldg and safety that the space is safe to live in, remember that everything is tied to a code, there is slim to none chance of that having approved but the possibility of approval is there.

For the out-of-state flippers, how do you manage and monitor your rehab work from long distance without traveling to the site on a regular basis?