I've bought and held rentals, owner-financed properties, wholesaled, & wholetaled. 

I bought an old one on Craigslist, did a minor renovation and sold it in a couple of months with a nice return of about 50% on my investment.

The idea is, if you bought the property for cash, you would still have to pay taxes and insurance, so that gets figured in with expenses and is lumped in to that 50%. 

I currently attended Gold Coast & passed my real estate course exam.

Especially if you don't have prior rehab experience.I bought a couple that were (almost) rent ready in my own city, because I didn't have a GC I trusted and didn't have time to oversee jobs.

It's like getting a pat on your head and a gold star on your paper from your teacher.

Otherwise they will take his car (unfortunately he bought it on installments), and they will put a lien on his place due to non-payment of prop tax.

I bought that one when I was young, excited and optimistic. 

If you're rehabbing the property and expect the value to be increased then you should be good to refi if you bought low enough.

@Apurva SanghaviIt sounds like they bought property though the Land Bank auction.