Title Insurance is of no value since I believe the statute of limitations is 25 or 30 years as I recallMy best guess is that at some point the additional land was deeded to them by the city so the city would not have to maintain itI assume the deed is a Lot/Block as opposed to a metes and bounds ?

So instead of 'development and multi-family', start with 'networking, service, reading spreadsheets/analyzing, connecting with people, managing projects, etc....' basically write out whatever you really enjoy doing OR whatever skill you want to acquire... and find a job in RE that matches. because RE is so diverse and people oriented, you're bound to find something that suits you. 

@Rob WilcoxYou are making way too many excuses...cut them loose and you need to brush up landlording 101 it sounds like to me...

However, if phase I shows something bad I might loose $100k. 

I know that repairs etc. are suppose to be on the potential buyer, so there could be a downside there as I would loose some control over the property. 

You can help someone else that you can kick out of house without loosing a friend.

(Thank you in advance)Here's the violations list:CN062024Failed to maintain parapet wall in good repair and free from cracks and defects. (13-196-530 and 13-196-641)North and South parapets , spalled bricks and loose mortar with ajar mortar joints .CN063014Failed to maintain chimney in safe and sound working condition. (13-196-590, 13-196-530(b) and (c), 13-196-641)North chimney spalled bricks and loose mortar with ajar mortar joints .CN069014Failed to maintain foundation in sound condition and repair and so it adequately supports the building at all points. (13-196-530, 13-196-530(a), 13-196-641)Rear basement areaway , peeling masonry coating on foundation walls .CN070024Failed to repair or replace defective or missing members of porch system. (13-196-570, 13-196-641)Rear two story wood back porch requires replacement with plans and permits .

I'm generally going to let the occupants stay since they ate already there as long as they continue to take care of the property and keep paying the rent.If the rent is low dont start off with a major price increase unless you do want to loose these tenants, spend money on getting the house ready for new tenants and loose a couple months rent while all this is going on.

All & all which market you choose isn't something to loose sleep over.

Be sure to talk to them about 3% down conventional loans, because FHA loans are notoriously difficult, and sellers will prefer a conventional over an FHA, because the FHA appraisal requires the seller to fix little things like peeling paint, broken window panes, loose handrails, etc. while conventionals typically do not.Some borrowers are approved for a higher loan amount through FHA than conventional, but I believe the MIP is generally higher.Also, this is something your agent should be helping you with.