Hello @Courtney Fricke, yes, bond for deed is the same as what's called a land contract in other states. You should be able to cut that insurance cost. All properties, everywhere, are in a flood zone. What you mean is the property is in flood zone X (least likely to flood, flood insurance not required).
My concerns are:
1. What type of construction are the structures? (Brick, wood frame, cinder block, etc.?)
2. What is the condition of the big ticket items? (roof, mechanicals, exterior siding and fascia)
3. Get the properties inspected. I always recommend it for your first few purchases. You will learn what to look for and you can consider it tuition. With experience, you won't need to accept that expense on every purchase, but when you are first starting, it is worth every dollar.
A key point here; don't let the inspection kill the deal! Unless they find something major that the seller is unwilling to negotiate. The inspector will find and make note of every little imperfection. It's normal that they will have a laundry list of nit picky things. You are getting the inspection to find the big things that you don't know to recognize yet. That's how you can avoid most unpleasant surprises that come from learning the hard way.
