Cheap Military Property for Sale, but Buyers Better Prepare for Battle

Want to buy a lighthouse? Or perhaps an island? These unusual fixer-uppers are priced to move but come with red tape because of a difficult seller: Uncle Sam. The General Services Administration is conducting a fire sale of government real estate, including a lighthouse and Army barracks, reports Smartmoney.com.

Before you get all salt-air dreamy over the prospect of moving into a lighthouse on the cheap, be mindful of rough seas ahead in the purchasing process. You'll have to fork over a minimum $10,000 (and up to $1 million) deposit to even bid on a property, according to the story. Visiting the site can be challenging because some are accessible only by Coast Guard ferry and you'll have to secure the loan without federal help. But perhaps the most daunting hindrance of all: Even though minimum bids can be as low as $10,000, the cost to renovate can bust many budgets.