Chase has the note and they are estimating that the market value is between 68k-78k.

how much principle on the loans and what are your OPEX estimates for the property?

I hired a gal right away to do my lawn..So they are definitely trying to get money into the city any way possible, but in a way I guess it's good, lots of cops, getting rid of crime, and as long as we stay on timeline for our SOW, then they are ok with it...I also got mad at Safebuilt because they were telling me what I should be spending on my property saying the estimate I got from my contractors was too low, and I was like, that was what my guys quoted me, they were actually trying to help me so you don't demolish my investment, and those are the numbers i'm sticking too, if my numbers were so high, it's better for me to just not pay taxes, and walk away, you keep it!  

For example most people estimate expenses to be about 50%.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookDownload BP’s newest book here some good due diligence in Chapter 10.

So if you do this then you would pay tax on 100K or basically your entire amount anyway so no need to do the 1031.If however you were to purchase a property for 450K and take 50K in cash as boot then you would pay the tax on the 50K difference (estimated at around 15K) and shelter the other 15K in tax.  

You can call a local insurance broker to get an estimate of property insurance.

Often times the fact that we as wholesalers can purchase properties "as-is" helps us get a lot more deals from sellers.With that said, be sure to do a thorough inspection of the property so that you have a good estimate of what repairs are needed and how much they will cost.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookConsider checking out HUD homes for small multi's owner occupied gets first crack.Download BP’s newest book here some good due diligence in Chapter 10.

.So estimated values is 160k, outstanding loan amount is 96K, so at this price the home is a 60%, now everywhere i read the benefits for the owner to go with pre-foreclosure is to safe credit and walk away with cash. so in order for the owner to walk away with cash i will have to buy it for more than 96k, and it wont leave me room for repairs, interest and fees of hard money etc.