1. Budget  the amount of money which will be required to make the many repairs.
2, Don't buy sight unseen
3. Evaluate the neighborhood
4. How long has the property be vacant? The longer it has been siting unoccupied the more likely there will be extensive repairs
5. Was it winterized
6. Get it inspected
7. Consider both bank owed repos and HUD homes. HUD homes go on the market 6 months after foreclosure