Buy homes at foreclosure auctions for pennies on the dollar, do some minor repairs, and sell to the next sub-prime buyer for a tidy profit. Or, rent them out for a tidy profit. Wash, rinse, repeat.
This is how it works in real estate.
My brother does the......buy them cheap, fix them, rent them for awhile and when they become too much trouble, sell them. Has made quite a profit over the last 10 years.
You gotta have cash. Cash is king.