So its really not very practical or your not going to have much success if you just hone in on one property... you must follow 50 or more to get one. not that you could not get lucky and pre foreclosure takes the competition out of it. 

Are the features in the house in line with the neighborhood competitions?  

They ended up working flipping burgers due to no demand in their industry and an oversupply of workers.I know people still paying those off 10 to 15 years later.

You may want to look at the rental competition and see how those units are fixed and what rent they are advertising at.

@Stan Johnson  I am NMLS licensed and have been a HML for many years starting in the mid 80's.what went on in the mortgage industry and especially sub prime  was not to the benefit of the public..

I want to get out of my current full-time job and into the industry that I have come to be obsessed with.

My name is Devon Small and I am not only new to BP I am new to the real estate industry in general.

I'm still relatively new to the industry and it'd be dangerous for me to significantly leverage.The other big reason is that this will be done on my parents behalf; the current property we own is providing awful return and the capital is better utilized in assets with much higher return and greater potential, hence the 1031.

Additionally, I presented the business plan in four business plan competitions - placing 1st in a state competition and 1st in a national competition.Therefore, I feel with over 25 years of home building experience in design, estimating, site superintendent, purchasing, land development, as well as marketing and entrepreneurship, equip me with what is needed to succeed in real estate investing!

I do work in the industry and love it.