As for qualifying, I am usually looking for net worth equal to the loans and liquidity equal to 10% of the loan amount, after closing the purchase.  

There are not as many as there was when I first got here- but with a keen eye and keeping your ear to the ground .. the opportunities are still here - as with mist successful investing everywhere - its more abut the situation than the market itself  - regardless of the housing market - someone is always going to have something going on that requires them to liquidate their houses quickly - and that's where the money is. 

What I'm saying though is regardless of who is holding the debt IF we get large scale defaults whom ever is holding that debt will most likely have to sell for liquidity.  

And for what it's worth, and if I read correctly that you have 2MM potential liquid, I wouldn't be satisfied with the $6500 either. 

Mostly liquidity, litigation, and buyout/workout situations, many pro fiduciary cases, PA and now receiverships.

Stick close to home to start once you have some serious buying power and you want to play in low value assets then maybe give it a go.. but not your first investment with all your liquidity the chance of a total wipe out would be very high

Keep investing in good commercial deals that give you cash flow for short term and keep you liquid for future opportunities like 2009-11.

 $100k dropped to $75k, then doubled to $150k, then dropped to $110k, then doubled to $220k, etc.As what to do during the downturn, hone up your skills, become liquid and go all-in when the indicators suggest that we've hit bottom.  

now, the HOA should also have (sometimes really hidden in the papers or completely forgotten and never distributed to owners) a Minimum sound reduction index per building/multifamily.you need to beat that.what's next depends if the builder managed to secure/nail the plywood sub-floor into the joists and NOT INTO THIN AIR...so you may need 6mm cork glued, some whisperquiet/sound barrier (3-6 mm) , then you wood floor/laminate. some laminates comes with pad included.... also may need to adjust you doors/threshold and live enough space at walls for material to expand.short version: find the minimum requirements for the sound index for flooring, choose your material colors, go to the floor store in your area (floor and decor, century tile, lumber liquidators, menards, home depot, etc etc) and check with a knowledgeable associate. if not you need to talk with a contractor working in your area...tip: get to talk with your building engineer/maintenance people. they inspect the work so they/him should know what works and what not, and (key) where you can buy it quicker/cheaper!!!

Often foreclosure and liquidation produce the highest returns.