@John Horner I wouldn't text any hot lead anyways.

That is a pretty deep discount, especially in a hot market like Dallas where you are using conventional financing and there are people with cash who could fund this deal and make it work in their favor. $600K is an awful lot of money for a new investor.

The motivation on the seller part is there - I'd rate this as a warm on a scale of cold/warm/hot. 

It is an average across large apartment complexes across the country and many use it as a starting point, a sniff test, for how solid a deal is.CAPEX is Capital Expenditures, your major repairs... things like the roof, HAV, hot water heater, appliances, etc. 

Does anyone know what states are Hot now in forclosures?

When you invest in abandoned properties you can get a smokin’ hot deal, or find yourself getting smoked.

In June I am gaining access to my trust, which will be around $420K after I pay off some business debts (hot dog carts rule!)

The $140k Homes run about $1700 a year in taxes, so that brings the total payment to $958/mo without insurance which kicks them off.Of course, you could just do a 2 income household and kick it over, and the people could do it that way, but people seem not to like it too much.Now, having said that , in these areas where a foreclosure comes up for $120k or so, they go like hotcakes.

If the retail market is hot, then finding the deal would be more challenging.

Then, what about the hot water heater?