My advice is while educating yourself is vital don't get caught in education mode too long.

As a real estate investor, it's vitally important to have this ability.

Since most term loans are DSCR (Debt Service Coverage Ratio) driven, knowing if the property is capable of sustaining a decent cash flow is vital.

I have heard that follow up and a CRM system is vital to success. 

Since no modifications can be made on a HUD before closing,  no one getting a government loan was going to be able to buy it. 

The issues that I have seen arise include modifications of loans that really should not have been modified and modification terms which really do not improve the Borrower's capacity to pay or perpetuity of payment.  

Sometimes the credit score is not even needed but closing quickly is vital which banks are very poor with.PM me, I have a colleague that does some private money lending and you can combine that with a private lender that I can also refer you.

I am not sure about the mecca part though, but it is a vital market I would say.Post your questions here and usually they get answered pretty quick.

Electrical and structural modifications probably have the most concern. 

Sometimes, slight modification to the existing condition may allow it to be visually pleasing.