There's a whole set of challenges when working with senior lenders, including how to get the darn payoff, how to reinstate, how to insure, etc.  

Either way, I would immediately get an appraisal, take the appraisal to the court house and challenge the taxes.  

Anybody knows what are the challenges in this type of deal ?

Also plans to attend a few of the REI meetups in Dallas... that will be a challenge b/c I'm a bit on the reserved side.Thinking the first flip project will likely be a partnership with a buddy from Dayton that flips four or five houses a year.  

I can vouch for Portland... this is also fueling the first time home buyer as our median price home payments are less than rent... and we are not an area that has a huge portion of the population credit challenged  great time to be in the PDX market in all phases.

It'll be challenging to get going if your strategy will be to scour on-market listings from abroad.

However, there are plenty of ways to make money buying such cheap property...it depends on who you ask but starting out I suggest going for an easier location to deal with and after  gaining some experience then toy with a more "challenging" area.

I've done 800+ deals and I don't see a crash and would challenge anybody who says there is going to be a crash to document that with evidence. 

dozens isn't enough. i called 53 or 55 banks one afternoon. two in my area do it. i have referred them to a few BP investors and they have been happy as well.btw, in the OP i said the rent will be around 1,050 (hoping). the way it's updated, we listed it for $1,075 and our phones/email has been off the hook. it's not the greatest area (C), but as long as the income requirements are satisfied, we are happy.in addition, i have a thread somewhere with #22, so this thread (#20) is old. i just brought it up to give an update and post some pics.

Another challenge is having the capital to put down to secure the property and have enough left for all the contingency factors I must take into consideration.