You really need to be well prepared, because they are risking lots of money.In regards to your investment opportunity, It looks like there is just not enough information coming from the seller.

When the time comes and you find a real opportunity, you should be able to know quickly if it is a deal or not. 

@Matt Inouye I’ve been researching similar opportunities myself.

I'm working on finding my first deal, sadly down here there aren't really any house-hacking opportunities so I've been searching for years now.

This is a flip opportunity. 

I started exploring foreclosure auctions for the past year, found a rare opportunity for a house similar to what I'm renting now that needs minimal work, and am in the process of financing for purchase price of $413,000 (mortgage would be less than rent at $1800/month but could flip for $625,000).Because our market is so high and these come by once or twice a year (so many investors here eating up the foreclosures), would you 1. flip right away 2. rent 6 months then refinance and keep 3. rent 1 year rental then sell or 4. live-in flip 2 years? 

I am just starting to do some research, but I am wondering where there is still an opportunity to find these types of properties.

Regardless of what anyone thinks, does this opportunity fit your investing criteria @Bobby Larsen?

Never sell unless better opportunities arise!

Remember also, you can never go back and contribute to these accounts if you pass on the opportunity now.In terms of the condo, I am not a fan either, but if you already own it I would run the numbers and see if it makes sense as an investment.