Please check out the "The Real Estatement"  (a news letter from the Idaho Real Estate Commission) and find out what the laws are. 

Lincolnville is way over priced now that the hipsters have discovered it and of course it was flooded during hurricane Matthew...now the city might make you bring the buildings up to code which can include lifting the houses up ....I would be very careful about any "deals" that suddenly pop up ...here is an article that explains ithttp://staugustine.com/news-local-news/2016-10-28/hurricane-repairs-st-augustine-flood-elevation-standards-could-be-concern

Like $83,843,640,000 worth of it in Q1 of 2016 based on them numbers.http://www.realtytrac.com/news/foreclosure-trends/q1-2016-u-s-foreclosure-market-report/

Recently, I saw on a news site, the city I want my investing career to begin and thrive in, has hired new people to continue demolishing abandoned and condemned homes.

The housing is booming here KC , any thing that looks close to right priced right goes quick with multiply offers.http://www.bizjournals.com/kansascity/news/2016/04...

Wheres all the good news?!

The bad news is that you have to pay it back and you will pay interest.  

Also, I would suggest reading articles, latest news stories that feature these neighborhoods.

The good news is, if you find a deal, you won't have any trouble selling it.

The one additional thing to consider it that older tenants can be on fixed income and may not receive this news well.