REO or pre-foreclosure?

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I would really like to start out investing in foreclosures or pre-forclosures, and would like some advice. (Like everybody) I also think this is a really good topic.

Have you found more success on finding REO for a great price or pre-foreclosures for a straight sale?

How often do your tenants actually work out in a lease/purchase?

Have you ever experienced an un-expected negative cash flow? If so how did you prevent that in the future?

When buying either REO or Pre-Foreclosure do you typically put money down? Are you able to work off the appraised value to get a lower LTV when purchasing either type of property?

These are questions that I personally have, if you have any other advice or questions that you think need answers, please post them. Thanks!