Maybe go to a local meetup and see if anyone needs any general labor...hands on experience can never be discounted...you get to learn what to and what not to do!

It's not clear why the property is being sold at such a discount.  30% LTV with a $42k mortgage means the value of the property is around $140,000 since $42k is 30% of that number.  

If you will give enough information for others to be able to know specifically what it is you are wanting answered, it will help tremendously. 

@Mike Moles @Adam Negri is a TREMENDOUS real estate agent (broker actually I think), who just so happens to also be a solid player in the fix 'n flip business as well as long term buy and holds.

In order to get a discount on the purchase price of larger amounts of tax liens one must put in large sums of money in turn making it possible to assign tax liens to an investor for the same price the county would give it to you for. 

There is money to be made in the D buildings, but I think you need a BIG discount to justify the heartburn.

Say you have a 200k house and the seller says "If you give me a discount on selling this house I will use you to buy the property we are moving to"The house they are moving to is larger and costs more so you agree.Then after they sell they go with a DIFFERENT agent on the purchase and get another rebate (dishonest double-dip) from the seller.Same with an investor saying rebate me on the purchase and I will re-list with you on the sale.1.You don't know that they will relist with you or try to get you to go down with a flat fee.2.You don't know when and if it will sell.This is why if you have been in this game for awhile you don't go for these types of arrangements.I tell the sellers my terms when listing.They either agree or disagree.When they disagree we part ways and they usually call me back a week later or months later to agree to my terms.If a broker/agent gets free Taco Bell that is funny.I remember my meetings working for a developer on commercial projects.Would always meet at an upscale restaurant and gave me a 500 Ruth's Chris gift card for Christmas.So if you want big free meals go for the developers!!

You can buy land at a discount and flip it or you can really make money by improving it, then selling.

Don hit it as he was in RE before REOs took center stage for investors.Believe it or not, RE use to sell much closer to its open market value, if you wanted to buy a rental in any community, you had to find other pending issues for a distressed property or buy it close to market.Lately, seems investors only look for 50% or so "discounts".

Either way, I've already gotten my discount on the property that I really wanted, so it no longer matters what I get out of the other two bad ones.I end up $20,000 under the purchase price he had for the one property I wanted, and I ended up with three properties.