What i mean here is to know the essentials such as  where the water shutoff is, where the electric shut off is, where water pumps are and what kind of mechanics you have inside the building.Take note of the model numbers, year of manufacturer of certain vital equipment such as HVAC, water heaters and so on.

@Bill Gulley,The whole "foreclosure rescue" thing has been outlawed for a few years now.Educated people know that when you approach someone facing foreclosure, whether you're talking short sale or some other solution, you make it clear to the seller that you make no guarantees, the lender must agree to any short sale, modification or other solution involving the loan itself, and that whatever you attempt may not resolve their situation favorably.That's called disclosure, also.

This is my one and only property and I need to make sure I'm not  fooling myself about how much cash flow there is and what my ROI is. this is what I did please tell me if I'm on the right track2010  purchase price.                     210000#Lost my job 2 months after purchase had a modification done.

This falls under reasonable modifications of the FHA/ADA.

Creating a good reputation is vital before I work with investors...WOM travels fast in that community I believe.

If any of the improvements and/or modifications were not permitted you may have another hoop to jump through.

Ask if they've done any deals with the buyer, whether the vitals of the deal meet their requirements (and how much cash the buyer would have to contribute).  

On its website, Wealth Educators claimed it was “America’s Leading Home Preservation Legal Services,” saying that they “. . . act on behalf of homeowners to work with your lender and avoid the lengthy and costly process of foreclosure and the stressful act of eviction that follows…”.Unfortunately, according to the complaint, while Wealth Educators told many consumers they could get them a loan modification, typically through a government-sponsored program, and even quoted a specific amount consumers’ mortgage payments would be reduced, the company often did not provide the promised relief services.

Another example of this type of setting is failed forbearance to modifications or the "Trial Mod" as they are often called.  

It's vital to know the ins and outs of owner/tenant regulations BEFORE you buy in a given area, and always do a very thorough credit and character check of every prospective tenant.