To make a strong offer, you need little to no contingencies, quick closings (typically), large EMD, POF, and an ability to create a spread for profit.

When it comes to pre-foreclosures and REOs, I just want to make sure there aren't any major pitfalls that I need to be aware of.  

That being said, with houses where all the expensive things are solid and it just needs paint and carpet, there isn't likely to be much (or any) meat on the bone in terms of a big profit.

Agents also take care of the vast majority of the paperwork in a transaction.  

Profits 3675 after mortgage and all.

Once the property is sold, how is the profit collected?

He told me he was looking for partner w/ someone w/ 700 FICO score + to do a fix & flip and split the profits 40/60.  

The house is all electric and very high efficiency with LED lighting, low flow toilets, brand new heat pump providing heat and air conditioning.The majority of respondents to my renter profile respond that they don't meet the minimum 600 credit score.

But there are a couple of major differences between New Orleans and Houston. 

Facts:$757k purchase price$752k total debt, $260k of which is past-due debt$925k ARV, only needs paint & carpetGross profit, before the costs of financing, is expected to be $90-$100k.