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My daughter bought one. It took a year to get into, because of repairs.
It was a zoo.
At the end result, she's going to make a lot of money. She put the second half of the value into a loan, but she bought in the right area, so the house has gone up.
Bad news: It's really hard to win one, and they're always in need of major repair.
Good News: the money for repairs is FHA cheap, and you can use it to make your home brand new!
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