I am currently working on my first deal and Im just wondering if I should be concerned about anything. There is a beautiful home in Queens that is worth in comparison to the homes similar to that one in the mid 500 thousands. The owner is about to hit foreclosure and he is willing to transfer the title to me for 11k and the bank would be willing to settle the mortgage with me in the mid 300 thousand range. Does this sound feasible? Should I be concerned about anything?