Also, with a VA assumable, if the one assuming the loan is not a veteran, then the seller (veteran) entitlement will still be tied up in that property.

If you have a cooperative Seller, walk through each unit and inspect together.

Find the best local real estate investor meetups that have no pitches and you will increase your knowledge, camaraderie, and motivation ten-fold.

Its great that the seller is will to carry a note in a seller 2nd as well, that will help reduce your require monthly payment with the right lenders.

@Pranita Maldikar Unless the seller is a family member or personal friend, I'm not sure why you'd want to put that much money down on the property.

Pretty much everything I have seen and read is:Find out the sellers motivation/problem and speak to solving that issue.Give an offer but explain how you got your numbers.Other than that, it seems pretty limited for negotiating information. 

Even if the rental has a decent cash flow with additional flood insurance, we're still not sure we want to take on that risk as we are out-of-state investors (planning to move back to KY in the future, but not now) and we don't like that it will potentially bring down the perceived value when we try to sell it in the future.The seller has never lived there and has not provided any information on if it has flooded before or not. 

Have you thought of doing Seller Finance?!  

The real risks are to the seller..

I'm very trainable, detail oriented, and highly motivated.