I'm in the process of breaking out the old concrete and the earth under is wet.

So I fully understand the steps are1 Google maps or earth to take a 30,000 foot look at the properties.2 review Zillow or Realitor.com to project ARV3 review county and public records to determine possible liens4 now my search based on the first 3 steps5 Drive by to see condition or if occupied6 Reduce further based on driving by properties.7 title search only ones I have interest in buying.Did I capture everything or did I miss some steps?

She said, "What on earth would we do with another house?"

That's longer than I've been on this earth lol....If it's already been rehabbed except for the basement so I don't see much potential for a flip.  

The question, of course, is whether or not the sellers are willing to come back down to earth yet. 

Let's say you have a grandparent who's credit score is 800+ who is interested in before they leave this earth to help their family do better financially. 

Major Earth quake not withstanding.

"Visible" is the key word, in the colony in the unit(them) or in the crawl space(you).BTW: If the area is dry you can try using Diatomaceous earth, white powder, NOT toxic.

Why on Earth are you shopping for cap rates?

This is what I did:Figure out where you want to invest, then narrow it down to more specific area(s) within that location (neighborhood/zip code)Get a feel for what rents go for using zillow/craigslist/ property management companiesNow start cruising around in google earth/maps, do this up down blocks near the house(s) you've been looking at.