But at the end of this year, I had a vacancy and a no rent scenario on another house for 2 months.

The loan officer and my Agent said peeling paint, no appliances, and ruined floors would cause a no go with the FHA loan.   

If I KNEW that under no uncertain terms I would keep the property for at least 20 years...then this is a no brainer. 

All of this horror stories, honestly after hearing them I usually had a no duh you failed thought in my head.

I am up to ten people on my RE team and it is a wonderful thing having others sell houses, do all the work and I get a nice chunk of the commission.I buy so many houses a year it is a no brainier for me.

Having said that, and along your lines, the guy I ended up going with said that I should qualify even without using the rental incomes, and with them it was a no brainer. 

the bidding starts with an amount that does not tie to any mortgage balance or fraction there ofThe best way to do this is order an O and E report (ownership and encumbrance report) from a title company.

If they can't - it does not mean they are bad or even not a good company, it just means that you have your own style and standards and going to only do deals where you are 100% comfortable.I think your decision was a good one if you were not comfortable and you learned a no-cost lesson in some questions to ask and comments to tell other companies before you go under contract.  

If you're a wholesaler then it's a no brainer, you've got your marketing budget and then some.

The loan is Ocwen and I have heard there can often be a no flipping addendum.