do NOT take a long PPP right now unless you have no choice. will be VERY expensive in the future when you are stuck in a higher then market rate. 

I've looked at on-market deals daily, joined all the Facebook groups where they post "off" market deals (wholesalers, etc) and have spoken with many realtors. 

Was having a fun, purely academic conversation with someone and somehow the topic went from the stock market, ETF's, to real estate, to BRRR's and either he or I or both us came up with this and wondered is this a legit strategy that others have used?

As a junior in possession they may work with you.  86k is not enough to do a BK over that would really hurt you going forward. worse that comes out of it is you know their position. its possible though that the property will bid higher than the 600k . if it goes to sale make sure you attend and watch the action very closely make sure bidders that qualify checks are not talking to each other and making side deals so the property only goes for minimum bid and you get nothing.. this is called colluding to stymie open bidding and in some markets it quite common.

Property is a 3bed, 2ba SFH (Cedar Rapids, IA) listed for $96k (was purchased in March '24 for $90k...looking into that)Market rent is $1,300 (could nudge up $50 maybe).

Added a power boat and rented it along with the weekly house rent.

Power stripped 60 years of paint from the floor-to-ceiling river rock fire place.

If you're curious about the booming Philly market or need some advice, hit me up for a free consultation.Looking forward to connecting with you all and making some profitable moves together!

You can generally place a voucher tenant in any property.In order to place a section 8 tenant you will have to pass an initial inspection as well as an annual inspection where they tend to be more strict and have you fix things that you may not have addressed for a market tenant.

Study the market.