Try to find someone locally that does this sort of thing frequently and use their docs and process.

If the rent is well below market than you should be able to get a new lease commitment before you purchase at a higher rate.Does the lease not have graduated payment clauses in there??

Recently because of Obama and bigger government HUD has undergone many changes.There are now multiple MMR companies handling different parts of the country with their own set of rules.On an broker/agent forum I frequent the new system is absolute insanity.It's like coming out with a new computer operating system that has 1,000 bugs in it when the old one was streaming along perfectly.The brokers and agents are having fits with the new system not recognizing their offers,canceling them,showing active when pending,getting assignments when they are already assigned etc.All I can tell you is these types of items are simply out of the brokers/agents control.HUD does have owner occupied periods but as an investor you can still submit your offer but it won't be considered until after that time.Just submit it again.

It can be done, but I recommend lining up at least 1-2 sources before you commit to anything.

I think it is some of the best out there and they do frequent assessments of certain product types by market.

But it's a whole other level of commitment to invest/risk money, time and failure.

That way they have shown some commitment.

The only real question you need to answer is this: Are you committed to RE investing and do you have the drive and ability to succeed?

I believe the bank is forced to publish notice of foreclosure, but it changes so frequently, and you want to be able to check a comprehensive list rather than filtering individual public notices.I would start with a competent RE attorney in the area and ask them what resource investors / brokers use to locate foreclosures.Good Luck!

In that section of town I would factor in a 15% repair credit and 15% vacancy credit (they will beat the property up and move frequently).