These normally come in a little lower than a full appraisal, but are faster and cheaper (pro/con). 

Or, will housing costs crash by 50% so we are back to a normal income to price ratio? 

If buying rent-ready properties is the route I take normally how many properties in the portfolio would be best to really generate cash flow? 

Here in Washington there have been a number of recent changes to the Security Deposit statutes.You will need to know the difference between normal wear and tear as opposed to actual damages. 

I know on my new builds that are 700 to 1 mil I get 10 to 20k and normally its just held in escrow. it is non refundable once we start putting in custom colors etc.

Overall I would treat this investment as a high risk gamble and willing to accept loss if it failed but It's also a very interesting process to understand how the industry works.

However, the possibility the former owner or one of the lenders will claim service was improper is one of the reasons title insurers are reluctant to allow a policy to be issued w/o a quit title action being completed first.It's a good idea to ask the title agent for a commitment that will show the requirements for the issuance of a policy w/o exception for other interests.I think almost 100% the mortgages are gone with a properly notice tax sale.. and in most states I work so are the utls. they try to force you to pay them but if you push back and or know they cant try to collect you just need to push the point.. while banks will normally pay tax to protect their interest sometimes they dont  like in this case.. 

They can handle basic transactions but normally lack the skill and experience to tackle complex transactions.The MN first-gen loan origination fee and interest rate is set by the state of Minnesota and cannot be changed by a lender.

Is that normal?  

If rent is not received when normally due, then eviction proceedings will commence.