The class of flippers that I am talking about have no cares about rents and such. They have cash and because of that they scope out good deals and purchase them and put them back on the market immediately. Smaller groups of investors that can raise enough cash to make small portfolio purchases from banks can do the same thing.
The trick to making money in this style has much more to do with insight into the local market, how much the first mortgage is with respect to valuations of that local market, demand for that local market, and simply running the numbers to see if they will work. It is all about getting the home at trustee sale and getting it back on the market immediately. This is not about holding a property at all but it is about moving it and moving it quickly. Also one hopes that you can sneak this purchase by the bank at the trustee sale with respect to the bank doing thier own due diligence on the home and hoping they are dumb enough to sell it to you at the price you want it to go at. In certain cases the amount of that first mortgage is well below the market conditions for given homes.
I am not saying this is easy but I am saying it is being done and is more then likely beyond the scope of how people view markets here on Piggington. Money can be made and IS being made by investors doing this. IF you are diligent and do it for the right property at the right time you can do well.