Tips for finding best fixer-upper houses

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If you want to make money buying, fixing and selling homes and know which properties to avoid -- such as houses in excellent condition, houses needing major repair work (called scrapers or tear-downs), townhouses and condominiums -- there are a few profitable types of principal residences where you can earn up to $250,000 (or $500,000) tax-free every 24 months. The generally accepted definition of a potentially profitable fixer-upper house is a sound, well-located residence that can be bought for at least 25 percent below recent sales prices of comparable nearby homes in excellent condition. In other words, the profitable fixer houses need just cosmetic fix-up, which will add market value. Purchase Bob Bruss reports online. In his famous best-seller book "How I Turned $1,000 into $5 Million in Real Estate in My Spare Time," the late William Nickerson based his profit technique on buying residential properties "with the right things wrong." Nickerson recommended spending $1 to increase ...