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my old upstairs neighbor used to read the papers for notices of properties that were going into forclosure, contact the owner who was about to default, purchase the deed at a rock bottom price (the owners are usually desperate for cash at that point), and then flip the property for a huge profit. i'm sure there is a lot more to know then that - that is a summary.
also, you can go to the bank's auction of the foreclosed property (you'll be bidding against other investors). i know that it's a really lucrative business, but requires a lot of time and legwork.
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