It also makes a difference how the person is positioned relative to a foreclosure.The one losing the property, the lender, the buyer of the property...John Corey

Note that this deal was my most profitable ever but it was luck more than planning.If the location is really good, if the unit you are buying is a prime unit, if you are well positioned to complete on you side of the deal and if the developer is solid then make a decision and move forward.

Just interested to hear how you are positioning yourself to make the most out of this situation.

Average and median are not the same.Also understand that there are likely a number of factors you should be considering.A large positive for LV is the fact that the population keeps growing.

In 60 days, you will get positive remarks all around on your credit.

I have recently bought properties in Madison, WI (college town, great investment area at the first time homebuyer prices), Decatur, GA (nice pocket in the Atlanta metro area) and am looking at one in Miami (I know, Miami, but the rent is great and the equity position is phenomenal).

I have to assume that it is cash flow positive ... if you drew the equity out of it to get you into your next project, would the current rental still cash flow?

I have an approval on two properties, one 10 units and one 9 units. 10% down on each, positive cash flow about $850 on each.

The developer may well say "you're cash flow positive" because gross rent, $2400 or $2800 if you believe them, is more than the note.

Save money for awhile.The easiest way you might start is trying to position yourself to buy a small SF house, live in it, make the improvements over time and in two years take the gain tax free.