YUP when it was legal to do these in Or and WA It was my main business model.. we still bought at court house steps but only after we failed to get the owner to deed to us and let us buy sub too..Now this comes with risk.1. usually not enough time for title company escrow so you buying without insurance.2. old owner may squat even though they say they wont.3. bank can call the loan all over again but you have plenty of time to sell before that would happen.4. you miss something with your do it yourself title search.what you need is an Authorization by the owner signed with their SSI so you can contact the Trustee service that is holding the sale and the bank .. to get accurate payoff numbers.. then you simply get a cashiers check or wire to the trustee or service and reinstate the loan at the same time U prep a deed from the owner to you.. 

We simply write “mere change of identity” and file the document.  

You are already doing better than the majority of people out there simply by being on here and researching.The key is to take action. 

I'm simply wanting to get into the industry.

Lastly, I guess this goes without saying, but make sure you enjoy it.

I just purchased my first duplex (3 bed/3.5 bath) about the same distance from a university and have very much enjoyed it.

I see what looks like either a formerly renovated property that now looks pretty rough; or a rehab that simply got stalled and never finished. 

Make an offer, get it into escrow, get a payoff demand, close, enjoy your new property.

What's the condition of the chinking--and has it succeed in keeping moisture out of the house or simply channeled moisture onto the logs? 

If I can make it work, it would save me a substantial amount of taxes.I would then plan on taking those funds (profit from the flip) and either (a) investing it in other self directed eligible assets (RE, LLC interests, etc.) or (b) transferring it back to a traditional brokerage firm and to simply invest it in equities.