The person who sold it to me remodeled the interior and was going to rent it out but her husband, who is an investor, fell sick.

(But if we really want it we have gone in higher than asking.)The best one was a $58k (owed) foreclosure that sat for 5 years, we finally got it for $21k after many offers fell through because of financing issues.

Low-income neighborhood and lower price point has attracted FHA applicants ... and all the FHA hassle that goes with it. 2 buyers fell out due to finances, 1 buyer backed out after the 25 page FHA inspection painted a picture of a house that deserves demolition.

The contract fell through so I haven't used one for a BPO yet.

Of course this is only in the case of a doomsday situation.. but what if a roofer fell off the roof and died... or if we have a class action suit because the siding was made in china  etc etc. 

All great points @Nick Martens I fell into this real estate world when my father passed earlier this year and I inherited 14 units.

I had some renters (11 guys in a 3 story house) bring a prostitute over every evening. 

But the deal fell through, and I never saw them to completion. 

Same with North and South, if you look on a map you don't have to get but a few blocks Southeast of the square before you are dealing with prostitution, drugs and more.

I fell asleep between the first slide and the second and then I had to start all over.Also if you cut that price in half, I am game. :)