Does anyone specialize in buying rough houses and fixing the big problems and getting all systems working and then selling to another investor that is interested in a "light remodeling"?

WHY because I had cash.. and could solve their problem in 24 hours or less .. take title without going through a closing attorney or title company.. driving cashiers checks to the foreclosure trustee  etc etc.working them as a wholesaler I suspect as @Sherman Ragland indicated is probably pretty tough.. if you don't acutally have the dough.. then your going to burn a lot of time and energy on buyers who are simply not ready for prime time.pre foreclosure done right can be the absolute most profitable.. but also the absolute most risky.

Perhaps this conversation can shed some light on that notion.

Electric you will at least have common areas / perimeter lighting.

. :-( horrible houses. heard a story not sure how true but the guy said it was HIS property so take it how you like it... but he said they had a severe thunder storm and he notice water dripping from one of the light fixtures on the ceiling as well as a electrical socket, thats when he went to a hotel. 

Is it under grade with small windows, little light and low ceilings?

But even then, you might need a very high occupancy to get a return better than that of renting a cheap house in the burbs long term, having to spend more time and energy with more income uncertainty and the risk of having the city or building regulations turn against you.

Expense Item Monthly Expense   Mortgage (includes property tax and insurance) 1027 Repairs (ex plumbing, AC) 375 Maintenance (ex yard stuff, light bulbs) 375 HOA 40 Property Management 150 Legal/Professional Fees 0   Total Expenses $1,967.00 Other: After three years, loss of tax-free profit on a sale.  

Tread lightly with section 8 a lot of turnover costs.

I simply let them know I can do the easy stuff, change light bulbs, clean up trash, walk the property, accept payments, get bids, collect rents and make deposits.What I found odd is that personal checks are not accepted there.