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My advice as RE guy for 25 years: Go in as a partner with someone who has done it before. The learning curve is very steep. Having the skills to do the fix up is only a small part of the whole process. The other people 'playing this game' have done it before and will know the shortcuts to the best deals. You must have a very grass roots understanding of the market where you intend to operate. RE is a local market. What appears to be good deal in one town will clean your clock in another. There are lots of good foreclosures in the Rust Belt, but guess what, there are few buyers.
" ....houses going into foreclosure where the balance on the mortgage is at least $100k less than the value of the home. Has anyone had experience with this? " This basically doesn't happen. No one walks away from 100K. Most of the deals you find, the people are in fact 'upside down'. I know that is not what the late-night real estate gurus tell you but it is the truth.
Good Luck.
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