Start saving for another down payment and in a few years, take a look at investment properties then.

The only cost the deal needs to absorb that's relevant is the interest, and even that is really just the delta between the actual interest paid and the tax savings on that interest on your federal return. 

Whether it's starting something new project or flipping houses, I'm interested.Flipping has its pros and cons, it seems like a fast way to make money.

If I were in your position, I would keep things as simple as possible and focus on building equity to save money for my next property.

More money in the market means more opportunities for everyone.Active Inventory: A whopping 52.6% increase in active inventory, from 2,717 to 4,146, means more options for buyers and a more balanced market.Despite a slight dip in the percentage of the original list price received (down 1%) and a minor increase in median time to contract (up 11.1%), the overall sentiment is overwhelmingly positive.

You can offer to lend the seller money to stop the foreclosures. 7 or do a lease with an option to buy - making up the back payments that would be considered you advance lease payment.Always look at the property if you have intentions of bidding at the auction (this can be tricky because you need to do that with the owner's permission - do try to build a rapport with seller  - also look at the foreclosure suit to find out what the bank is looking for and if there is a second mortgage or other liens.At the court house steps when the auction take place you need to be well prepared with your certified funds but more importantly you need to know the fast sale value of the property - you don't want to pay retail.Get to know your competition - there will be professionals at the foreclosure auction looking to capture some serious equity.

There is also hard-money lending and in-house lending for the investors as well.

Please note I used all the cash from my LA sale (366k after paying off the mortgage) and added my own money to buy the Houston property in cash. 

My emotional investment is in the money, not the property and I am coming at it from the "sales" approach and I am looking at it from an "income" valuation. 

on $166K you can get 5+% in a savings account.