I have bought properties at about 2 cents on the dollar and have walked away from some deals with a deed and cash with nothing other than my drivers license and a pen. 

Hi Benjamin, I'm sorry I don't know much about how all the financing part works - I can say that on the last flip my guy did by himself, the realtor (and other realtor friends) helped point him in the right direction.What I do know, since my guy is a contractor, is that he goes on bid walks all the time before and after a house has been purchased.

@Darieal Sutton, Sr.Have a buddy who walks a targeted neighborhood door knocking on doors speaking to residents on behalf of the local politician.

If you worried about the process I would advise finding a real estate lawyer and seeing if they will sit down with you and walk to through all the eviction paperwork before hand just to make sure your ducks are all in a row.

Remember, gain on sale is based off of his basis in the property, not how much cash he walks with because he has no mortgage. 

Did you do the walk through with you agent ?

They should walk you through everything you need.

Its been out there for weeks and is clearly visible when you are walking up to the front door of our house next door.I talked to the neighbor across the street today and he wants me to buy this house next.  

Using real numbers, I believe I can sell it and walk with 90k minus 7k in capital gains tax.

I looked at a legal 2 family in the bronx. 3 br over 3 br with a 1 br walk in.