Based on earlier conversations between my broker and the selling broker, I knew the seller would want to negotiate and not take my estimates at face value, so I started out much lower than what I wanted the final number to be.  

I would not know that if it was staring me in the face..

I was never  able to do this prior to a trustee sale and I think it might be difficult given the mental state of many facing foreclosure but not impossible..You really have to do your best to estimate the loan balance on the 1st using whatever information you can get.

Either way, I would immediately get an appraisal, take the appraisal to the court house and challenge the taxes.  

Anybody knows what are the challenges in this type of deal ?

Is that what im faced with Ewa Reza ?

Also plans to attend a few of the REI meetups in Dallas... that will be a challenge b/c I'm a bit on the reserved side.Thinking the first flip project will likely be a partnership with a buddy from Dayton that flips four or five houses a year.  

I can vouch for Portland... this is also fueling the first time home buyer as our median price home payments are less than rent... and we are not an area that has a huge portion of the population credit challenged  great time to be in the PDX market in all phases.

It'll be challenging to get going if your strategy will be to scour on-market listings from abroad.

You will now have cash in your IRA account instead of a loan for whatever face amount the original loan was.If you keep the cash in your existing IRA account, when the custodian does Fair Market Value reporting to the IRS your account value will be reported at the reduced amount.