I am relatively new to the flipping market, but very familiar with the remodeling market. After purchasing my current home and doing all the repairs, it now appraises for 70k more than i bought it for. WOOHOO!! Now, after seeing what i am capable of doing, i am ready to enter into my 1st major investment. I plan to start small and slowly work my way up. I will probably try to get an investment type loan to pay for this property, and make sure the property is priced relatively low since it is my 1st investment. With that said, what types of things should i look out for at Tax sales/foreclosure sales? What type of problems can i run into with people trying to get their property back after i buy it?
I know the possibility for problems is endless, but any previous experiences would be appreciated.