One of my friends is actually making a nice buck fixing and flipping distressed properties these days.
Grow houses are his favorite. He can sometimes find one for $15k or so in a sheriff sale, fix it up inside and sell it quickly for $60-70k. Usually the outside is immaculate since they want to blend in. Inside you usually need a lot of drywall, appliances and carpet. I never really understood why someone wanted to finance builder grade refrigerators and carpet for 30 years but they seem to want to. Personally I would rather get a break on the house and buy what I want myself.
