Traditional loans can be hard to get for homes in poor condition. You may need to look into renovation loans , such as the FHA 203(k), which covers both the purchase and repair costs. 3. Build a Specialized Team

Work with a real estate professional who specializes in repossessed properties. They can navigate state-specific REO processes and help negotiate with banks, who have different priorities than individual sellers.

Since foreclosures are "as-is" deals, the lender will not pay for repairs.