Likely too long.If you want to know the exact part of San Diego that these RE are in look at my profile but I really think all the working class areas of San Diego should be similar.Hopefully this gives you an idea of what is a realistic day 1 cash flow (not great), what type of below market deals can be found (there are better ones that people find than these but these are the ones available to me right now), and an example of an easy value add (versus more complicated value add like adding units or reconfiguring existing units into either more units or add BR to exiting units).Good luck

One possible idea: I suppose if the banks sold you the note before the foreclosure sale took place, you could argue that the "holder of a mortgage in default" exception should apply to you as well.

Great idea to get involved with RE investing early and reap the benefits of compounding appreciation, as well as cash flow.I'm a Retired USAF Officer & my Son is Retired Marine (Class of 91). 28 Years experience in Real Estate Sales & Management.

Do you have an idea of what the cap rates are for houses that are in the $60K price range in Cincinnati?

We have no idea when this inspection will take place.

However at this point you can:1) Fight it in court (Which will not be done in 28 days)2) Pay him the 8K3) Settle for less than 8K4) Threaten with a lawyerAny other ideas?

If this isn't what you thought of when the idea of REI popped into your mind...well...RUN.  

------------I have no idea if my sarcastic scenario will play out but I do know that things like interest rates, availability of capital, rent rates, jobs that allow you to qualify for a mortgage, etc. aren't static.

Happy to talk to you sometime and throw some ideas around :) 

@Stephen Smith, getting started with education is always a good idea.