My very first deal

My wife and I found out that my parents neighbor was losing her home to foreclosure. She was ill and moved into a second home that she owned and was missing the "reverse mortgage" payments on her townhouse in Hialeah, Florida. Upon talking with her daughter who was visiting from NYC, we found out the lending institution and the agents name that had their file. The home was in bad condition and we didn't worry about how much was owed, although she owed $82,000 and we calculated about $25,000 to get the property up to date. We spoke to a real estate agent and found that rental were approximately 1000 a month and comps for sold properties like this one were around $110,000.

At first glance it didn't look like a deal we wanted to get involved with but we took the information we had learned from attending DG's class and applied it.
We made an offer of $30,000 (noting all that had to be done to the property), they bank countered at $35,000 (six months later), we both agreed on $33,000, we invested $21,500 into rehabbing it. Rented it (with option to buy) at $1000 a month for 12 months, and eventually sold it, after that lease expired, to another buyer for $120,000.

Since then, my wife and I have changed careers and have relocated/moved twice, but have an all paid investment home rental, due to profit of this sale, in Central Florida and are looking for other deals at this time. It's taking a little while longer, due to the fact that we are new to the Clermont, FL., area and are getting to know our surroundings and getting our "team" in place to do more "flips". Thanks Dean and Matt for all your teachings.