You can use this to your advantage and rehab the building and raise the rents.

If the numbers work, then step up and take it down.In this market, things are so competitive that I think you'll be hard pressed to put in super low bids.

It has a great upside potential and existing units are fully rented and getting good rents, but there has been no new development there in decades, which makes me think 1) there must be a reason why AND 2) I need to take advantage of the opportunity for that reason.Thanks for the replies, I am eager to learn more and to build some great relationships on BP!

Not to mention, if your a realtor your offers can be more competitive on MLS properties.

Take advantage of that!

If your borrower defaulted, you would only accept a deed in lieu of foreclosure if it was to your advantage.

@Raj Tirur - you might find my article helpful for how to stand out as a wholesaler from your competition: http://www.biggerpockets.com/blogs/4430/blog_posts/32194-attention-wholesalers-2-ways-to-stand-out-from-your-competition

Welcome @Logan BrouilletteThere's a ton going on here, and it's all free, so ask around, research, and take advantage of it!

The beauty of this is no competition for the property like MLS.That being said we do find a lot of our flips on MLS just by paying close attention and working with a few good Realtors.

Here's an article I wrote on the process the help you get an competitive edge:http://www.biggerpockets.com/blogs/4430/blog_posts/32194-attention-wholesalers-2-ways-to-stand-out-from-your-competition