These kind of deals get you into all areas of real estate, but at a much lower cost to learn.

Welcome Jason, I had read some creative real estate investing books in the 1980s I remember people telling me you can't do that, even if those kinds of deals do happen they are so rare you will never find one.

I live in the Seattle area and I've been doing my own calculations on paper to see what kind of ROI would be possible.

Both realtors have told me that the problem as they see it is two-fold...a) the neighbors, who are kind of trashy people on welfare and their house is an eyesore, and b) the house is in a flood plain.

Just basic cosmetic remodel stuff.Probably looking at 10K-15K or so to have it cosmetically prettied up.What kind of roof is that btw?

I did that without wearing any protective suit or gear of any kind.

i.e. what kind of contract?

For a while during the crash I was looking up the histories on new listings and I found so much of this kind of thing I stopped looking at the histories in disgust.

Oh, and also what kind of houses should I look for?

And if so, what kinds of questions do you ask the person?