I would not try to flip anything in this market, even if i were get them at 10-15% discount to the current market. I've heard a few nightmare stories already.. In fact a friend of mine barely excaped one of those FL condo deals with his skin intact...
In short, it was a speculation play he initiated last year...beautiful beach condo developments in Miami/Ft Lauderdale area... 20% down to the builders, hope it appreciates and sell the contract for a nice sum.
Problem is he could get find any buyers. About a month ago he got a letter that his closing was in mid Sept...doh!!!
He started lowering the price and still could not find any buyers...long story short, he actually had to pick up and move down there for two weeks and shop the contract around himself. Eventually he did find someone to take the contract over for the original price he paid for it...but he got really lucky imo....in the end, he ended up losing $900 bucks in fees to the developer for the contract assignment to the new buyer and interest on his 20%...the time "lost" was actually his vacation time.
