It's also important to look at the statistics of length of stay for that region.

This can be especially helpful if you’re uncertain about repair assumptions or costs.If it’s a contractor you’ve worked with multiple times, involving them early in the process is often beneficial.

I read the permitting process and it seems somewhat strict.

I'm still in the process of growing my portfolio, but have heard others 1031 all their smaller properties into a larger building and have a property management company manage, OR, set up a seller financing deal with another buyer that gives you the cash flow you desire. 

Make sure you understand exactly what they want to see and when, all through the build process.

They have to buy data, wait to recieve it, process it and then upload it all at the same time via an update.

Fortunately, the seller was cooperative and patient, and we only lost about two weeks in the process.

A trustworthy agent should make the process clear and help you see the properties you're interested in without unnecessary obstacles.

Became a real estate agent after I fell in love with home ownership processes and out of love with my 9-5.

@Shawn Questa I agree with you that there could be some opportunity here, but personally, with that little equity in the property, I'd wait for the pre-foreclosure process to start and  perhaps you can do a short sale (though I don't know the details on how that's handled in TX).