Learn how to analyze a deal, get in contact with some wholesalers/agents and attend walkthroughs and do a "sample analysis" after showings once you get a better idea of rehab costs.

I'm an engineer by degree so a methodological, data driven approach was important to me.  

I have my own application that I began as the BP one for my state and made various tweaks based on a few samples provided by other local landlords in my area.

If unsure, definitely run sample contracts by an attorney who specializes in this niche. 

I fought the appraisal for not using a different methodology, to no avail.At any rate, yes, you have an awesome deal.

I've got some deal sourcing skills - albeit with a totally different set of parameters, but my thinking is the methodology and diligence required is similar. 

@Brandon Green sounds like you got lucky with a deal and now want to figure out how to systematically repeat the process so here's a sample game plan if you want to use direct:1) Attend your local REIAs and network, you need to build a buyer's list of investors that will buy your properties and network with other people in our industry. 2) Next develop your strategy, build a list of at least 200 properties to mail to.

@Jessie Niu I have a post somewhere on the forums detailing the entire process, but basically it had to do with a decomissioned oil tank that the bank was unwilling to remove, so we asked them to give us $50k back at closing to assume the risk(We did soil sample tests and other tests), they settled with lowering the purchase price $50k.

From what I have seen while looking at sample tapes, FCI exchange/other websites, and other comments; is that performing notes cannot be bought with that much of a discount (but I haven't seen what local banks/credit unions provide in their pools/tapes).

Victor - do you have a sample contract you could send me?