Now that you own a tax deed house you bought for less than $1000, it's time to make some money. What's the next step? There are lots of options. Here are a few - plus one big insider tip that will make you some serious dough.

"Fast money" is the name of this game. If you don't want to keep the tax deed house, don't pay the taxes - and sell it immediately. You can flip the property easily by pricing it right - at half or less of its retail worth. This will attract investors with plenty of cash. Your price will be lower because of the amount of taxes - the new buyer will pay the taxes, and you'll still walk away with thousands in profit.

If you've decided to keep the tax deed house, you should take care of the tax issue first thing. If it's in a good rental neighborhood, keep it for that purpose. You can take money out of the property with a loan to finance other deals, and let the rent money cover the mortgage payments. You can also choose to brighten a tax deed house up, and put it on the market with a realtor.

Here's something else you can do with a tax deed house, that you've probably never heard of. Because banks are stringent with who they'll loan to nowadays, a lot of people can't get approved for loans - but still want to buy. You can offer these people financing. Take payments from the buyer for a number of years, plus a down payment covering all your costs (plus maybe a thousand bucks). This is a passive, long-term (5 years or more, probably) income you've created for yourself, and you've got nothing at all invested!

Use these ideas to get profiting right away. The economy has created a lot of opportunity for you, so don't linger too long on one property! Another tax deed house is out there, just waiting to be bought and profited on.