Quote from @Katie Camargo: I am under contract on a home that I plan to rent out- numbers look solid, but I just learned that it's in flood zone A.

@Carl TrubLots of legal and tax implications - you should look at having them put the home in a living trust.I am not an attorney but there are ways to make it so your cost basis is today's value versus a lower value such as if you buy it at a low cost.

Make sure if you go into a contract (no option period), you require a substantial earnest money.

We will allow you to use a new employment contract as qualifying income 6-12 months prior to your start date.  

Where I am, and we have a lot of units under contract for lawn care, we still spend about $1000 per SFH on annual lawn care.

We are now working with the best legal consul.

(I also suggest an in person visit to meet folks and get to know the areas, not to see a particular property but to build relationships.)Once you are active in a market you will start to connect with investors who may be selling, wholesalers who have assignable contracts, and your realtor may also have access to off market opportunities. 

I have a property under contract and need to know could I get an extension with HUD if I’m an investor?

I was feeling paralyzed making decisions about what to do, and no joke within 3 weeks of finishing this book I had decided on my next step and was under contract on my first flip property!

Always protect yourself by enforcing contracts, and learning to say no.