I have buyers that call me who are ready to buy a house.  They say they talked to someone who bought a 3/2/2 for $40K.  I hear it all the time.

Here is the thing…  Over 55% of all properties purchased in Sarasota County last month were CASH deals.  I promise you that the 3/2/2 that your friend supposedly paid $40K for needs a ton of immediate repairs.

If you want a bargain, you have to be prepared to pay cash.  There are some financing repair programs like FHA 203 or Homesteps Repair loans but there are strict requirements for those loans.  If you are prepared to jump through all the hoops then it may be a good option for you. But even those loans will not finance that $40K house that is in need of immediate major repair.