This also prevents us from buying a property that needs extensive repairs since we won't be able to pull out any of the repair costs.However, there seems to be a simple workaround for this and I wanted to ask others if it's a legitimate strategy or if I'm being naive and overlooking something.

What part of Nevada will you be conducting business?

Depending on the damages, there could be extensive work involved replacing all the damaged framework, electrical, plumbing, etc. as well as getting the smell out.

Thanks @Mark BroganValue = $99,000Cash flow 800 - 752 = thinEquity = 99 - 52 = 47 - goodI would buy it on sub2 and list it for 90 w an agent and get out of it for 30 net or so.Or Exit with Lease 2 Own at 105K,  rent  800,  12 month lease, with possible extensions. 

I bet they don't get such nice extensions and favors from those!

I was reading the other day about how PE firms are foreclosing very aggressively bc it's a better play to repo and re-sell than to conduct a workout.

Next, week, find a job that has flexible hours and does not require extensive training you don't have (I am thinking tutoring with that expensive degree for whatever you majored in in college, you can get 12-18 dollars per hour no sweat working in your leisure).Then, make a plan for how you will add value to another investor's business and start getting your beak wet at meetings, on here, offer anything you can, the more creative you are and the more willing to hustle you are, the farther you will go.  

In fact my wife and I travel extensively so I'm not sure what he really means by "hands on" but I will be finding out when we meet to explore the opportunity in more detail.But it's a very successful property management company with lots of prime residential, mixed use, commercial/retail and even some mobile/manufactured home parks/properties in the portfolio.

But the bar may be closing because the owner needs extensive surgery.

As you build the Bank will conduct a few inspections to make sure the money matches what is done to the house.