I flew up to Reno once.. and had down time and lost all my money at the casino  ... and did not have cash to get my car out of the park and fly.. ( pre credit card days )  LOL.

You should get pre approved with an investor friendly lender so you know what you will qualify for. 

@Jim Hart If you haven't worked a deal like this before, it will be pretty chsllenging to figure out the moving parts and how to control from beginning to end.This is why I don't teach pre-probate transactions to others. 

We did not get pre-approval from Wells Fargo.

This means your monthly mortgage payment is $539(given by you) leaving you with $2,532 in annual cash flow or a pre tax cash on cash return of 7.4%.

None of these properties show up as foreclosed on any traditional websites, so I'm guessing most of these are in pre-foreclosure?

My market gives me something very different in type and scale from yours - no better, no worse - we just gotta roll with it.

Here are some details:Property is in pre-foreclosureOwner has been served a "Notice of Default" 3 months ago of ~$10kExisting Lien: $319kAsking Price: $460kIdeal Price: ?

Low income folks do not have credit to protect.Good screening is key to low income success, but there is still an element of rolling the dice.  

That is, a list of paint colors, cabinets, countertops, trim, faucets, light fixtures, etc. with SKUs and pricing for all of them, all pre-designed to go with each other.