Just open escrow and close as normal.. title company will send for a reinstatement figure you put your downpayment they reinstate for you all is good.Not sure if this will trigger the Alienation clause or not.. technically it does but that's at lenders discretion. 

Drive Dryad, Nebling, and surrounding streets before pulling the trigger, and see what flood insurance will cost.

As people have mentioned it isn't easy to find properties right now, you should get your financing in order so you are ready to pull the trigger quickly when something comes along. 

Finally, with the market like it is everywhere right now, you have to be ready to pull the trigger immediately- if you hesitate, you'll lose out to an investor who does not.

Thank you all in advance for any input.  I have been interested in RIE for a long time, but I have always been too chicken to give it a shot.  I am trying to lock up a deal, and want some input as an exit strategy.  I...

We only got this great deal because we had the cash to pull the trigger. 

If you add a bath it may trigger to re-assess your property tax, and the increased amount may not be justified from your rent (especially if you own this property for a long time).

If you go the trust route, they can help you do it anonymously which will also avoid triggering the due on sale clause of any outstanding mortgage. 

Remember, selling is going to trigger sales expenses, and potentially taxes, so figure that in your decision.

Would this trigger capital gains?