But the 5% that go to foreclosure are often homes in very poor condition or sometimes worthless strips of vacant land. 

Too many operators are procrastinating telling the true story, likely because they hope conditions will change and they won't have to share difficult new.  

Besides the long investment cycle, you have to know a lot about zoning, development, local politics, irrigation, farming, subsoil conditions, easements, utilities, development costs etc  Don't fall for the idea that just because you bought it at an auction means you've got a deal.The "easiest" land game to get into is to buy buildable infill lots

Insurers are now looking at roof conditions, over hanging trees, type of water pipes, and electrical. 

I would also try to familiarize yourself with local landlord-tenant laws, including fair housing regulations, security deposit limits, and notice requirements for entering the property or terminating a lease.Prior to renting, conduct a thorough inspection of the property before the tenant moves in, and document the condition with photos or a video walkthrough.

They have a realtor that is currently telling them they can sell for $280K, but no one else that has seen the property thinks it could sell for this much given the condition of the house.My husband and I have about 10 years before we'll be able to move home.

Tell tenant A that you need a window of time to inspect the apartment with only the furniture he is leaving (with the unit in move out ready condition). 

The current market conditions and the property opportunity are what have us considering that!

The current market conditions and the property opportunity are what have us considering that!

:@Adam Craig wouldn’t you guys put a as-is condition on your purchase contract?