I will pay$3300 in taxes but will have freedom to either renovate other properties, use as down payment or whatever.

In my experience, pricing in this area is generally 15-30% lower across the board than say new construction, insurance work or home owner improvements thus in order to actually run a company in the black I would have to complete 3 foreclosure/investor renovations in order to see a sustainable profit margin.

After that it needs what I estimate conservatively $11K of repairs/renovations.

If you have access to $30k homes, can afford the costs of renovation and the costs of the resale while remaining profitable you're only a "friends and family round" away from being in business.This is a sum of money that banks are just not going to write short term debt on without excellent credit and collateral.

Hopefully getting myself out of the rat race with minimal risks.Interested in renovation and flip projects as my passion is building design.

The flip typically involves a fraudulent appraisal, which may indicate that renovations were made to the home, when, in fact, there were none, or the renovations consisted only of minor cosmetic improvements."

(Think herd mentality)Nothing new, been through a few of them,.....I checked that one prop the OP posted, those are everywhere, non cashflow, lots of renovation needed types of places.I say, "let 'em sit for awhile and stew" better deals for those that wait and keep looking around I'm thinking.Yes, LA has a housing shortage currently, and it's not the first time.We're in no hurry to buy at the top of any cycle, especially considering the sq ft costs being achieved right now in sales.Might be cheaper to build new in another state than pay $279 per sq. ft here with less than grade A tenants,...Unless throwing 120k - 150k down is easy for you for 1 property,....I say go.I'm not so rich I can afford to be cheap, (or silly) with my dough.my .02

They assume a construction cost or renovation cost at Y.

Have you consider buy, renovate, rent and refinance out your original seed money to duplicate again and again? 

I just want this to be over with and have the house renovated and back on the market for rent.