You need to rebuild the credit, a counselor (not a bankruptcy attorney) can address this route.Learn RE from credible sources, RE schools, take a local college course, get a text book that Agents use to pass the exam, in 3 weeks you'll be ahead of most on the internet or chasing some system.

If you do not already know how you should first learn how to examine deeds, tax records, zoning for the property, assessors records anything and everything that will tell you if what is there is a legal unit and zoned for its current use.

Before we get into the developement part, lets back up a second and examine the deal.

You shouldn't make an offer on this type of property until you have examined their rent roll, P&L and other financials for the past 3-5 years, minimum.

In just a few years, Lone Star’s mortgage servicing firm, Caliber Home Loans, has grown from a bit player to a major force in the market for distressed mortgages.An examination by The New York Times of housing data and court filings, as well as interviews with borrowers, lawyers and housing advocates, revealed a pattern of complaints that Lone Star was quick to begin foreclosure proceedings, whether the firm had bought a delinquent mortgage at a federal auction or directly from a bank.Take Charles and Pamela Hubbard of Sacramento.

Everyone should be constantly examining their motives, strategies, successes and failures in order to be honest with themselves about the business.

If such costs exceed the amount agreed to be paid by Seller and Seller declines to treat and repair, Buyer will have the option of (a) terminating this Agreement or, (b) proceeding with the transaction, in which event Seller will bear costs equal to one percent (1%) of the purchase price.10.Title Examination and Time for Closing:A.

You will also need to examine your local market and determine what a fair cap rate is for properties of this nature.

If you "failed" to check the inside of the vanity on the (exit) walk-through inspection, did you also "fail" to examine the inside of the vanity prior to renting? 

I've examined all property mangement companies in the area and there's really only one solid one and they happen to be one of my biggest investment competitors.