Remember, it HAS TO BE WIN/ WIN.

keep in mind my friends. not all properties that are in a sad state of affairs will work out this way. some banks just simply take their time getting things back out onto the market. each house is a different deal. the banks blame the courts for the mess, the courts blame the banks. some banks will never drop their properties simply because they have money invested in them. the two houses i have bought like this were pretty close together in time, as well as location. but i have been struggling to find another one since. it has been about 2 years since i have bought one like this. i have found one recently that i would love to get my hands on. i have even found the old owner, but i cannot get the guy to budge on selling it even though i know he doesn't want it. some people get really skittish with things like this. the one house i bought, it took me over 6 months to talk the guy into selling it to me. patience is the key here. if the bank has already placed their name on as the owner, legally, with the local authority, chances are they are not going to drop it. even if they forgave the mortgage, they still own it. you have to find one that is behind in taxes and still has the original owners name on it as owner. then look for a release of lien from the bank. the bank may not file this with the local authority. you have to get the bank to admit that they have dropped it from their books. thats hard to do sometimes. i am working on one right now that i am sure the bank has dropped it, but they will not admit it to me. it has been sold from one bank to another, to another, and so on. i literally have a paper from the court showing that one bank sold it to another, but i cannot get bank #2 to tell me that they own it. they claim to be just the trustee. bank #2 filed the starter paperwork for foreclosure over 3 years ago, and have done nothing since. 3 years of back taxes on the place, no one takes care of it and even their lawyer told me that the case is closed. but the bank won't tell me that they dropped it. patience and persistance works here guys. i will get it, and so will you. just keep working at it

I like cosmetic rehabs as they are easy wins and a great way to gain experience and understand designs and rehab costs. 

I personally don't like QB, but it seems that a lot of people do, that's why I am using them but I am using a VA to interpret all the receipts so I'll simply dump them in an inbox and be done with it.

Another tells me that it's just to hard to wholesale.I find properties, but the agents simply ignore me.  

In addition, you will better know the paperwork and strategies behind winning an offer on a property and receiving it for a better price than you would had before. 

I see this as a win win, I just need to pitch it right.The main thing I'm concerned about is objections I haven't thought of yet.

Hey @Eugene LeeAs a few others have said, you can go ahead and throw all those rules of thumb right out the window.While I'm sure they're applicable in some markets, I can tell you first hand that most, if not all, of the "% rules" you'll see mentioned on this site simply do not work in San Diego.What kind of property are you looking to purchase?

Do most people simply use the 50% rule and call it a day?

You simply can't do it.