I am in Ohio and am looking at a foreclosed property going up for auction in what I know is a desirable neighborhood with low taxes and good schools. What I want to do is buy this property at auction and immediately turn around and list it on the MLS. I feel that if I get a good price at the auction I stand to make a small amount of money ($20-$30k).
Does anyone have experience buying foreclosures and putting them back onto the market with minimal to no updates? Besides title issues, what should I be worried about? Can I do anything to mitigate those risks?
Any insight would be welcomed. Thanks in advance!
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