with this and some other preliminaries you can sit for State exam!

As you have rightly said though insurers know the odds as they pertain to large segments of the population and they wager in a way that they rarely are unprofitable.Great discussion all parties. 

I feel strongly about the rent potential here, and with some preliminary analysis, I could get cash out of the deal if I buy at market rates for these old houses, use a construction loan to build, then re-fi into a 30-year.

However, from my preliminary research, the process looks more daunting and expensive.

-Any pros/cons you see investing in this and surrounding areas are also helpful.We have done preliminary market analysis through usual channels and looking for on the street expert opinions.

It's a good idea to get a preliminary title report to see what liens exist and see who the sheriff is foreclosing on behalf of.

Signed the preliminary paperwork, agreed to the seller's quick close, and was ok with his agent being in some way related to him.

My title company will do a quick preliminary title search that will give me a heads up to any crazy tradesman liens or other sellers on title that didn't sign P&S, that type of thing.  

Are you in the preliminary stages of real estate investing?  

I leave that to Zillow.I have every applicant fill out a preliminary, free application.