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?

I focus primarily on seller financed rental properties, though I do wholesale or fix n flip on occasion.

I've had good luck with the websites on the one or two occasions where a card did not work.  

As it turns out, HUD ate the fees and we didn't have to pay.On a later occasion, I bought a house on the courthouse steps only to have the trustee contact me to "rewind" the sale.

I know in some areas they want the full down payment (conventional mortgages) upfront. 10% I have done on more than one occasion.

I have attended these on occasion and there is always  ample competition coming from all sides, not just large investors.

Ditto what Jon Klaus said plus on the rare occasions when a tenant has balked at a credit check, I just tell them, "We're giving you control of a $70,000.00 property, of course we're going to check your credit.

On occasion there will be a great/good deal in Oak Park.