If you can find a motivated seller for whatever reason you can throw some other strategies related to seller financing or even lease option (or sandwich lease option) which I think is a really cool way to get a property without much money but can be a win for all parties involved.

@ Chris Martin, would you say that step 1 essentially involves an assumption of the mortgage?

I have the flexibility with my schedule working 10 shifts a month to go back and forth out of state to stay involved. 

I have the flexibility with my schedule working 10 shifts a month to go back and forth out of state to stay involved.

Hello,I'm posting for an extended family member who is going through a trying time and I think he has gotten some bad / incorrect advice.  My aunt and uncle are elderly, and have reached the point of requiring 24hr in...

They quoted me $14K to fix the problem since permits, DEP involvement, trenching etc. was required.

Foundation issues can be scary, but if you have a good general contractor then they will be able to help you understand the costs involved in fixing them ($10,000 on the high end in my neck of the woods).

Deals can be found in "No Interior Inspection" properties if I catch the occupant early on (like day-of-listing), but otherwise, our REO properties are bid up too high for the risk taken and condition. 

This is not meant to be insulting but given the above question on how to fill out a PA, I would strongly encourage you to get some professional help involved while you learn.  

I've finally gotten myself in a position to where I have enough equity to comfortably purchase my first rental. so now, I'm going to start getting more involved and try to learn quickly.