Periodically checking the realtor.com and zillow "sold" listings in your areas of interest will keep you generally informed on what properties are actually selling for.Feel free to reach out with any questions during your research phase, happy to share some additional stats/info.

I go in---check out the house, study the area, etc., and rarely present an offer.

I keep thinking about tools that can help me reduce risk by catching errors or red flags in seller disclosures and inspection docs, but that's likely because I've had a bad experiences with both.A simple and obvious example is a seller checking "No" for pests section, such as Scorpions and Snakes in Arizona when the property is in the desert, so obviously, there will be snakes and scorpions. 

You should check out Larry Andelsman of Andelsman Law in NYC.

Or check out a job they are on..

Here are a few suggestions on how you can maximize the wealth of information available: Check out the blogs and podcasts, or take advantage of the search feature (magnifying glass).

You can also check meetup.com or search Facebook for real estate investment groups, clubs, or meetings in your area.

(If they are an adult you should have already done a background check on them.) you could also renew them at the higher rate on a MTM term in case the payment issues continue.

Ultimately I think the main focus of the visit is to familiarize yourself with the property (since you have not seen it in person yet) and check on the rehab work and meet your contractor and PM. 

I have found several homes that I thought were deals in Memphis and after checking them out with local experts have decided not to buy.When in doubt - go to those that specialize.