Verify that the license is “active,” that the contractor carries the endorsement for residential work, and that the name and other information on the license matches the contractor you are considering.

Then you can buy land, wait, and they can destroy ALL of the value of said land through regulations, invisible floodplains that FEMA doesn't endorse, etc.  

One easy one is google the 203k endorsement summary.

You want to make sure it covers lost rents, but that and other key endorsements are generally included.Some tenancies - like an exercise facility, commercial kitchen, or bar - can cause a problem, and it's worth asking your agent if any existing tenants present added exposure. 

For example, Vandalism & Malicious Mischief is an endorsement (add-on) with many DP1 insurance policies, and is not always automatically included.

The winner must pay by cash or certified check (which I assumed was a cashiers check) made out to yourself which you would endorse in front of the cashiers.

Note that you are in California, which is my market, so I am endorsing a competitor here.

Here's a list of REI clubs in Alabama I found (I can't personally endorse any as I haven't made time to attend YET):http://www.biggerpockets.com/real-estate-clubs/alabama.htmlThere's at least one in Montgomery, might be worth the relatively small investment in time and money just to network.

My short story of my experience with two different agents.I was looking at my first home couple of months ago and called an agent highly endorsed here and other reviews.

A policy with a higher premium may be a better deal if it does not have a wind deductible.There are many endorsements that are available on the homeowners policy.