Sort of. 

Other situations where typical lending situations don't fit can lead to "under market" deals, but they only seem under market because there are so few buyers that can actually take it down given the hair on the deal.

Picks up more hair than you can imagine.

Fasster closing and less hair on conditions!

No appraisals etc.On foreclosure rescue when it was legal in Or Wa  I would routinely save these deals one day before the auction and sometimes an hour before.. it was hair on fire but we did lots of them that way and actually the vast majority.. the owners dont get real serious until about 48 hours to 72 hours before the prop is oging to sale. 

The smart money knows there are opportunities to be found in every market, even when everyone else is pulling out their hair.

Plus state level- which is a hair easier.

One can split hairs on the investment piece for acquisition, but if it remains vacant throughout rehab and that is the intent to remain vacant until completion, then it meets the requirements. 

@Corby Goade what sort of DTI, do you think? 

Here is a breakdown: Queen bed frame: $400 - $700 High-quality mattress: $500 - $9,000 Pillows (2-4 per bed): $40 - $120 Linens (sheets, duvet, comforter): $150 - $300 Blanket: $50 - $75 1 Bedside tables: $40 - $150 1 Lamps/lighting: $40 - $75 Art decor (2 pieces): $100 - $275 Bathroom towel racks, dispensers and soap racks: $100 - $200 Makeup mirror: $20 - $80 Hair dryer: $20 - $60 5x7 rug: $75 - $250 Small vase with plant: $20 - $50 3-ft decorative tree: $50 - $150 Two window curtains (with rods): $80 - $150 55-inch TV: $375 - $500Total cost per bedroom will range from $2,320 - $3,545