It's impossible to say. 

I could make money at .5% but making money by acquiring property via tax certificates seems impossible at .03%.What has been your experience or can you point to any reliable sources on the subject?

Lightening does strike every once in a while, @Andrew Bassuk, but it's almost impossible to find a 65% deal in southern California and use that as a long-term business strategy.

I understand that without a current stream of income it would be impossible for me to obtain a mortgage, but what can I do to allow myself to be in the best position possible for when that time arrives? 

It's nearly impossible to find a property that meets the 2% or 50% rule here.He also offered me his 5 units in Muncie, Indiana.  

The property is owned by Bank of America, and they have a strict policy that under no circumstances will the water be turned on at the property.My mortgage broker says that it is impossible to get financing on a property without the utilities turned on. 

The short answer is, it is going to be extremely difficult, almost impossible, to get FHA financing on this property.

All to often you only here about the good side of this type of arrangement.This kind of transaction is nearly impossible in Texas due to regulations that make it more trouble than it's worth and limit the lease term to 6 months.

Sandy, I am not trying to rain on your parade, but it is nearly impossible to find a commercial owner.

Loc R. is in Cali and might can help also as a note specialist.http://www.biggerpockets.com/users/solidreturnsI think it's important to differentiate when talking notes between the age of the note,the kind of note residential or commercial,and whether the note is performing or non performing,and whether that note is originated by a private party or a bank etc.There are times when a note sells for 85 cents on the dollar but it is usually Class A properties or part of a bulk note sale from bank to bank where they do averaging of the pool.I am not an expert AT ALL on note sales.This is just what I am observing.Private notes with issues and little to no seasoning are getting nowhere near 85 cents unless there is a ton of equity left over compared to value.In that case the risk is less as you still foreclose and are likely to get the full 100% plus penalties and interest.Many sellers are trying to solve a problem with an impossible answer in their minds as the solution.So you have to show them to be realistic and what will work.They either come down to Earth or keep the head in the sky for a little longer.