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Great if you want to deal with the pain of making it profitable (ruined houses, location sucks, dump). Where (city, state) if you don’t mind me asking? read a book about this year’s ago called the 16% solution.
Careful - worked at a bank. if people let something go it is usually for an undisclosed reason otherwise they would have found a way to keep the property.
I've started in Miami and Fort Lauderdale area, I owned 2 certificate worth ~$1500 (1at 10% and 1at 18%). I don't plan on going for the owners' properties if they don't pay it with 24months.