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My wife and I have had great luck with foreclosures over the years for quick fix and flips, mostly in upstate NY. Local papers are where we have had the best of luck finding them.
Another similar thing to look at is short sales. Find homes for sale that people really need or want to get out of and work with their bank to get it cheap before it actually becomes a foreclosure.
Closings for the most part are the same as a normal one in my experience.
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