What other business can you make money regardless of market conditions, with/without money, and have so much fun doing it!

If the home sold for $353 last June and was in same condition, it probably dropped in value more than $20k to the banks current ask price.I don't think $250 is too low ball, but you will have to show some evidnece to support your offer.

Some nitwit in their underwriting department calls me back later in the day and tells me that they won't give me the loan either way because the appraiser didn't like the "condition of the house".

Zillow is an enormous falacy.Drive to the properties and inspect the area, surrounding propery condition, and subject property condition.

A possible first eviction coming up for me, had served a three day notice myself yesterday for the 10 days late rent with a fictional story for it and some undesirable living conditions.

I always thought the guy overpaid due to condition and low rents at the time... a $230K price would have been more realistic in 2006.Owner is in arrears on mortgage.

How much is it, what are the rents, condition, etc

Screw the government, social security and their stupid retirement accounts.

Make considerations to age/condition of home and adjust offer according to rehab expenses.And I'm having problems searching for examples of contracts and letters.

According to that ad, which of course may not be reliable, the house rents for 850 and is in move-in condition.850 - 365.54 - 149.42 = 335.04/month profit (minus whatever other expenses I may be missing here.)If you go back and change that mortgage to a 30yr, at 7%, your monthly payment drops to 254.48, so your profit rises to 446.10/month (again, minus whatever additional expenses I am missing).Not a ton of cash but not a ton of work either, and presumably the value of the property increases with time and you build up equity in it without ever paying the mortgage yourself.So why is this such a deal and why hasn't someone grabbed it already?