Mostly liquidity, litigation, and buyout/workout situations, many pro fiduciary cases, PA and now receiverships.

Stick close to home to start once you have some serious buying power and you want to play in low value assets then maybe give it a go.. but not your first investment with all your liquidity the chance of a total wipe out would be very high

Keep investing in good commercial deals that give you cash flow for short term and keep you liquid for future opportunities like 2009-11.

 $100k dropped to $75k, then doubled to $150k, then dropped to $110k, then doubled to $220k, etc.As what to do during the downturn, hone up your skills, become liquid and go all-in when the indicators suggest that we've hit bottom.  

That's something you should speak to both a qualified attorney and tax professional about.Based on your questions above, it sounds like you might be putting the cart in front of the horse. 

Now that you mention it I'm putting the cart before the horse. 

now, the HOA should also have (sometimes really hidden in the papers or completely forgotten and never distributed to owners) a Minimum sound reduction index per building/multifamily.you need to beat that.what's next depends if the builder managed to secure/nail the plywood sub-floor into the joists and NOT INTO THIN AIR...so you may need 6mm cork glued, some whisperquiet/sound barrier (3-6 mm) , then you wood floor/laminate. some laminates comes with pad included.... also may need to adjust you doors/threshold and live enough space at walls for material to expand.short version: find the minimum requirements for the sound index for flooring, choose your material colors, go to the floor store in your area (floor and decor, century tile, lumber liquidators, menards, home depot, etc etc) and check with a knowledgeable associate. if not you need to talk with a contractor working in your area...tip: get to talk with your building engineer/maintenance people. they inspect the work so they/him should know what works and what not, and (key) where you can buy it quicker/cheaper!!!

Often foreclosure and liquidation produce the highest returns.

Your scenario though fits into the Cash category because you're using "cash" (liquid assets, LOC, etc) that are already yours. 

So I placed a few in my Amazon shopping cart.