Full doc =  all IRS returns net numbers past 2  years, w-2 and paystubs /// bank statements 2 months all pages /// bill statements for mortgages HOA and fire insurance +++Some employers who work from home get a letter from employer saying that remote work can continue 36 months showing they can live in another locationNo forbearance past 2 years (this is not a conventional or FHA), you need income to overcome the loss of $1930 or so and 10 or 20 ins and outs.

FHA really is the easiest barrier of entry to overcome but as you've noted, it comes with its own obstacles. 

To over come that hurdle, license and  exercise the discipline to self learn .

Without going into excess detail,  I believe only one of them would have a valid adverse possession claim, based on the dates the houses and fences went in.The crazy thing is that even Google maps clearly shows the conflict between the lot lines and their fences and sheds.

There are a lot of resources available that will help you overcome any of the areas investing (math, lending, inspections. etc.) that are troubling for you.Best of luck in all your investing.John

Purchasers of a property to be used as their residence seem to be more adverse to flood zone properties than investors.  

If a long term owner, investigate thoroughly, they could just be risk adverse. 

If you are more risk adverse, you may want to wait and save up the 20% and see if house prices decline.

If talking with brokers rather than direct Fannie/Freddie sellers likely to see higher rates as those lenders don’t want to be adversely selected and get all the rental home second home. 5’s would be a bit high I think seeing in 4’s mostly however if putting just 20percent down and low loan amount or low score could see hitting those numbers.

You may get stuck with a property to can't afford to fix up or handle any adverse situations that arise.