I am assuming by your numbers above that you either did some improvements to increase value or bought 30% under value.

California is the poster child for out of control government spending, constant tax increases and fee increases to pay the tab.. and people should pay attention, because as the saying goes, as California goes, so goes the nation!

Too close to the "evil" gambling and the threat of increased crime (whether true or not, the perception will detract) and any casino workers that want to buy to be close to work will be lower income people, so at best they will maintain market level (but based on my friend's income level, I think they will be a step down).What are BP's thoughts on the situation?

It says that the Case/Shiller housing price index is finally showing the first monthly increase in house price data, after 7 months of decline.

Since around 2010, and growing each year, more and more come due and since underwriting guidelines have become more strict, compiled with mismanagement and value reductions, the borrowers would need to come to the table with lots of cash to refit into a new loan, most of which don't have it, hence the increasing number of foreclosures and short sales.

You will increase your likelihood for success by doing so.

I was looking to fix it up on the cheap and rent it out which makes the asking price a little more attractive, but still this highest and best thing sucks.

In July of 2012 we had foreclosure filings increase by 60% in major metro areas for Q2.

Use contact paper or just plain semi-gloss paint over smooth drywall.Great ideas if you want to attract sub-par tenants.

As Jason mentioned, try to get the expectations clear quickly up front.I have tons of "I don't really want the job" bids....Then, there are those that bid based on what it will be worth after it's done and the increase in value is what they want......LOL!