This has generated a wave of litigation over whether (1) the statute of limitations even applies to foreclosures and, if so, (2) when a cause of action to foreclose "accrues" for limitations purposes.The answers to these questions vary from state to state.

I am hoping that even though prices will vary greatly from area to area, this might help put give some perspective on what goes into flipping a house.When we (my real estate agent and myself) found this property it was listed by the VA as a foreclosure for $45,000.

@James Su - Its located on the south side of Chicago which varies block by block.

Here's how it works in Michigan (dont know if it varies in other states )For FHA financing the title has to be seasoned for 90 days in order to enter into a purchase agreement .

Strategies can also vary based on each individual's goals or needs and can vary over an individual's life span....cash flow may be needed at certain stages and not at others.  

I believe that is going to vary from market to market.

I've heard varying opinions, some people say don't worry about bad credit in low income areas/some say you need to a little bit.

Many ask and are told it is a good idea to rent their personal home, I believe it is vary rarely a good idea.I prefer to invest where my money will earn it's keep.

And at the vary least you have a heloc available for emergency fund to keep your property whole.  

You still have to research the sponsor fees (they vary a lot!)