Also, how competitive are the LA county Tax deed auctions?

That seems like a pretty good reason to take advantage of accelerated depreciation, especially if you don't hold on to the property for 30 years.This unused depreciation sounds extrememly useful in that case.

What kinds of finishes is the competition using??

Or try to do wholesaling, although my impression is that there is a lot of competition in wholesaling here and a lot of very experienced people already in that game.

Whether you say ethics or any other BS in the real world these REO kings and queens have a list of buyers ready to purchase with cash where the REO broker can double end a deal.If the offer is close to what the asset manager wants then the bank doesn't care about double ending.How you level the playing field is to tell the listing agent they can keep all the commission so they will push your offer with all things being equal.It is a classic mistake I see brokers and agents make time and again.The REO broker is only getting a tiny fee on their side and having to cover a bunch of costs listing the REO so getting the other side is huge for them.If you are flipping you will save the commission on the sell side as an agent and you can put 4% co-op to get buyers agents in droves and still save 2%.The price has to be competitive and the rehab quality for the area as always.You can't just offer a higher co-op and then list high to compensate for it.That is another classic seller mistake.good luck

Take advantage of it asap and as many times as they will allow.

If you own your home outright you can certainly access that equity via a line of credit.Why not take advantage of low interest rates and finance your home?

Advantages:1.

There is a possibility you could use the distress to your advantage and get a deeper discount than what the repair will cost.I qualify my opinion by offering to you that I am a geotechnical engineer during the day.

Some brokers and correspondent lenders have to follow suit with the bank programs to remain competitive.