Subordination agreements would be recorded (and they aren't all that common), so just be sure to watch out for them.If there are three loans recorded, and no subordination agreements, and you buy at a foreclosure sale of the middle one, you are buying it subject to the first one but the third one is wiped out.

I say it's what it would fetch on the market, but there really aren't many comps except on the other end of my block where someone demo'ed a house (anticipating later construction) on a same-sized double lot (102x134) but their cross street is a quiet street, and mine is busy.

At the very least, you would have to scour REO listings, auxtions, tax sales, etc, or work woth wholesalers, who aren't likely to make you a priority, because you aren't buying consistently. 

The people on this site aren't cold or uncaring, we have just seen the worst that's out there.  

For example, if you aren't going to rent out a property, you don't need a property manager.

Other agents in your office, who aren't doing it themselves should welcome it on their listings.  

There's a few things in investing (this is one of them) that other people can't answer for you because we aren't you.

You aren't charged interest on money you don't use, and you can repay the money you use as quickly as you like and see immediate results in reduction of interest payments.

Set the ground rules up front so that you are all on the same page and there aren’t any grey areas later.

@Trent Hicks, you aren't exactly putting the cart before the horse, but sort of.