REO Deals

anybody have much experiance w/ REO properties?

Every so often I see an REO property that is priced w/ 15-20k in equity and does not need much in terms of rehab…I have found one that has about that much in it on a side of town where by it should be worth 35k in equity w/in 2 years. Would you think this would be a good property to buy, then lease/purchase out?

Only downside to doing REO’s is having to use bank financing for the purchase…?