The seller is going to try to sell on pro-forma, and the purchase price should likely fall somewhere in-between.

They are typically properties that fall into that sweet spot of not enough profit for a flipper to go after, too much work for the seller to make it Turnkey.

Do you think real estate prices will fall 25% percent in the next 6 months?  

When it comes to getting a deal done, sometimes 50% of a deal done right is better than 0% of a deal that falls apart.

I’ve been utilizing mostly the MLS and I had three deals fall through.

One of the fundamental rules of investing is "Don't fall in love with your investments".

I’m a realtor in Whitefish but have MLS access in the Great Falls market.

If so, what category does it fall under?

There should be some good opportunities coming this fall..but who knows. 

Of course, BRRRR and flipping present much higher risk in the current recessionary market and Phoenix is one of the fastest appreciation markets over the past 5 years, so it may fall just as fast, depending on supply.I'm closing on two Section 8 properties in OK City soon.