First investment property was a foreclosed duplex in West Allis bought in 2009 at what looked like a $90k discount. 

Some numbers that I have come up with that I think will make it meet my criteria for being a possible deal are as follows:Asking price: 37,500ARV: 68,000Rent: $800Cash flow: $378/monthIf I can keep the rehab costs under $15,000 I think it will make my all-in price at enough of a discount that I can make the deal work. 

I don't know the numbers, but it looks like you are buying it at a great discount so it might work out. 

Most banks are not set up to own homes, and are often motivated to sell you the home at a discounted price."

.- Buy some Technology - new devices or software.- Ask Contractors to invoice you NOW for work they have done or are about to do.- Pre-buy construction materials maybe even some storage to put them in- Buy tools for you or your contractors to use on a future flip - Hire an accountant to help with some of these ideas

Its more fun making money together, and I appreciate your out-reach and advice as I dive in as an active investor for the first time.About me...Economist by education (petrified of analysis paralysis), spent a number of years in real estate tech building & managing buyer lead gen solutions at realtor.com for agents & brokers, and adding SaaS (Software as a Service) utilities that help incubate buyer & seller leads until they're ready for a face to face meeting.

With a FSBO you're going to have to get it at a pretty substantial discount below what he has "listed" for.

Unfortunately, being out of state means I can't always buy at a steep discount and forced appreciation isn't really an option.

I work full time in Healthcare IT (software Program Manager - very visible and demanding) so I'm trying to decide whether to pursue a small claims court filing or writing this off as a learning experience on how to deal with inheritied tenants.  

By day I run a Venture backed software company and by night/weekend I invest and rehab income properties, primarily single family but interested in multi-family.