Here is an excerpt from an article on the subject that I believe breaks this down fairly well:Gain, to the extent of the depreciation claimed that exceeds what would have been allowable under straight-line depreciation, will be recaptured as ordinary income, and, thus, taxed at rates as high as 35% in 2003 and later years (ordinary income rates), but the amount of excess depreciation subject to recapture may be less for certain low-income housingGain, to the extent of the depreciation that isn't recaptured as ordinary income, will be taxed at a rate of 25%.The balance of the gain will be taxed at a rate of 15%Example – In January 1986, you paid $1.3 million for an apartment building (not a low-income building), of which $1 million was allocated to the improvements.

Without having seen it, I think I would go ahead and buy that one!

Just straight information and super friendly atmosphere.AREA Real Estate Investing Group – https://www.meetup.com/realestate-445/ - Meets once per month and is usually well attended

I will go ahead and research how to find the status of the owner.

@Stacy Preston As a realtor knowing real estate already I bet you already know tons and are ahead of the game.

I tell my kids, once you get ahead it is easy to stay ahead.

It is truly making me more confident to go ahead and start! 

Redfin is a brokerage using an IDX feed like any other brokerage using an IDX feed straight from the MLS so it's the same data.

Then all deposits and fees paid were lost.That kept me pretty straight with understanding that contract.

Remember, as long as you are straight with people about the costs and risks associated with your business, you're not using deceptive techniques, and you treat sellers with respect, then you shouldn't feel guilty about making your offers low, and earning a solid profit.