One story stands out the most for me...It was a hillside property that was infested with mold, rats, squatters, and septic problems.

Quote from @Don Konipol: What borrowers say……..And What they really mean I’m not going to pay any upfront fees………….I won’t pay for an appraisal, title report, survey, accountant to prepare financials or anything else required to have even an outside chance of getting a loanI’m going to give you a shot at this loan………..because no other lender is even remotely interested in financing this propertyMy previous lender totally screwed me………..by expecting me to make the monthly payments and comply with the other contractural obligations I promised to doI keep an attorney on retainer…………..he’s the public defender that was assigned to me for my DWI I anticipate the property will be at full occupancy early next year……………the property vacancy rate is currently 70%The principal tenant has indicated he wants to renew when his lease is up next year…………he’s already given his move out noticeThe location is like a major European city…………Berlin 1945I only do non recourse loans………….I plan to cash out and disappearThe financials on the property show a tax loss………..the property hasn’t had positive cash flow since the last year of the Bush PresidencyMy credit score is okay………..480 Do not forget:Rents are under market - it rents for $1,000 but we could easily get $1300: The units are awful, outdated and infested with rodents, but I am hoping your dumb enough to pay based on the higher rents. 

Haha, my next thread will be how do you prepare for pest infestation, hurricanes, sink holes and rising sea level?

Since all of the units have bed bugs it sounds like a full blown infestation and not something to be taken lightly.

My raccoon infested house smelled SOOO bad!!!

IF you are supplying the furniture (particularly used furniture), and a bedbug infestation breaks out, you will be (more than likely) on the hook, even if the tenants brought them in. 

Don't waste your money on a specialist for mice infestation.

If you are a seasoned pro and you live in Austin like me then join the shark infested waters. :) Good luck.

The sad thing is that both properties that fell through, they looked fantastic on the listings and the pictures, with the second one my agent visited the property and told me everything looked great and would only need an HVAC tuneup, but then the inspection came back and everything under the sun, from severe structural issues, leaks, electrical issues, and even signs of rodent infestation, all things that you wouldn't necessarily notice unless you did a real detailed inspection and not just a cursory walk through.  

She refused to provide me with access and I had to wait 2 hours for the police to escort me into the apt. 3-her grown daughter addicted to drugs came looking for her mom to get money. 3 policemen showed and while attempting to restrain the daughter using mace were maced themselves. 7 more policemen showed up to haul away daughter and bring the first 3 officers to the hospital. 4-my beautiful apt trashed and infested with bed bugs.After spending $1200 to rid the unit and two surrounding units of the full-grown vermin I learned that grandma was out of State living with her daughter and maintaining my unit FBO her 21 yr old grandson.