I have also been a guest speaker at the GA REIA on two occasions.

We've had auction dates postponed on short sale deals and we've had them auctioned off on occasion.  

They placed poor tenants (stopped paying rent, left huge utility bills, required eviction), turnover was long (4-6 months on multiple occasions), turnover repair bills on the higher side. 

There have been numerous occasions in which I have purchased and resold in less than 90 days, because the property was a very LIGHT rehab, or need nearly no renovation whatsoever.

I have only reduced it slightly on special occasion.

I have used them on occasion for small loans and they are really fast, usually had the funds in my account in a few days.

I have never authorized nor encouraged unethical behavior but I have been the beneficiary of it on several occasions.

While the area hasn't had a "declared flood" since 1985, i'm sure there are occasions where water is bound to cause problems, being located in a flood plain.

It's 3 hours away so I like to pop out on occasion but like many others say you end up working vice relaxing.

I have experienced this first hand on numerous occasions as the buyers agent and I see it all the time on the sellers side to as my broker is an REO broker who lists many foreclosures every month.I have included a few links to articles that will help you to educate yourselves on the process below:http://blog.equifax.com/real-estate/4-tips-for-buying-a-hud-home/http://www.realtystore.com/realty-guide/how-to-buy-hud-homes/chapter-2http://www.realtor.com/home-finance/homebuyer-information/buy-reo-homes-risks.aspx?