I just got my second property under contract. I purchased my first property about 10 months ago when the market was more buyer friendly. Currently old houses in my area are going for nearly the same price per sq foot as new houses.  I would have to talk the seller down 20 - 40k to make any money in most cases. 

To find a property at a good price I had to go off market. This one I got lucky on. I told everyone who would listen what I was looking for in person over the phone through email and on social networking sites. I would drive through different neighborhoods on my way to work compiling a list of distressed properties that I intended to try and track down the owners and while I was doing that someone contacted me with a house that they wanted to sell.

The property needs roughly 15 - 20k in repairs but once done the property should have about 50k in equity.

I am trying a mix between the house hack and the brrrr on this one.

I am purchasing the property as a primary residence and will live in it as I make the repairs. I might rent out a room in the house once I get a couple of bedrooms a bathroom and the kitchen finished.

I will move out and refi to get my initial investment out once I'm finished with the majority of the rehab finished and then rent out the entire property.

Hopefully by the time that's complete the market in my area will be more forgiving.