Investors expect there to be flaws/blemishes (at a minimum) and make their offer accordingly.

When she came home I had prepared a presentation to remind her why she married me, and to look past my flaws before she went upstairs into the bonus room :-D

If it's under the patio you need to uncover it.The previous owner knows where the tank is assuming they properly maintained it.

I'm looking at it, and I THINK it'd work, but I can't help but feel that I'm missing something, or that there's something fundamentally flawed in my thought process that makes this unworkable.

I'm ready to jump on some deals but can't for the life of me find a broker that is 1) an expert in the area 2) ready to work hard to uncover some great opportunities. 

His argument, flawed as it was, was that the lender shouldn't have done that and as a result the foreclosure should be reversed. 

They look for code violations, outdated services, flaws in the home such as a leaky roof.They may point out missing GFCI or faulty wiring.  

It is a short sale which you are buying it as is from the bank with all flaws and defects.

It's a matter of effort uncovering deals and your budget.  

See any flaws in this approach?