Jack Bosch and a lot of the land flipper guys who teach it like to have their students buying in the high deserts and remote areas of the Western US  or in FLA like le High Acres etc. this is were cheap land is and land that gets traded constantly at tax sales.. the play for most of them is really simple.buy at tax sale or with direct mail.. for a few grand  re-market them for more and sell on terms and collect monthly payments.. 

Michelle,In the NYC market, i think our best search resource is Streeteasy, it's the most up to date and provides the most accurate historical sales data. 

https://www.car.org/-/media/CAR/Documents/Transaction-Center/PDF/QUICK-GUIDES/Quick-Guide--Cannabis-Marijuana-Issues--Sale-of-Residential-Real-Property-revised-22822.pdf

One is for homeowners who are in default and upside down; one is for homeowners who are in default but still have equity in their home; and one is for homeowners who have received Notice of Trustee Sale and their house is about to be foreclosed. 

@Dominick Tonnarini, The only issue with your plan is that you will have to pay a sizable tax on the sale of that property when you do sell. 

I saw that the house was for sale initially, but I wasn't willing to pay the asking price. 

We would manage the sale as well (with realtor friend).

"I don't have enough capital": Many real estate syndications offer opportunities for limited partners with various investment minimums.

Purchase price: $745,000 Cash invested: $400,000 Sale price: $745,000 Amazing 1 bed/2bath East Vail Creekside condo at the Vail Racquet Club.

Hey Zane, at the max price of $200k there are some great opportunities in Columbus, Ohio.