However, to buy a house with this problem is really asking for trouble because once you become the owner, you become responsible for anything that happens to that house that the previous owners did not and there are a lot of horrible stories out there about this subject.

Now, perhaps they were into the property at a very high price and had some horrible loan.

After the guaranteed rent period you're on your own.Some of these are not horrible deals.

I was told not to do the deal by another much more experienced investor who just got out of a horrible mobile home deal.

Horrible.

Eventually, you'll have to have a package you send to the bank that includes the contract, the hardship letter (letter written by the owners that describes their horrible situation and why they aren't going to be able to make any more payments), their bank statments, some justification for the price you're offering, and probably other documents.

Horrible thing they do.

Knowing how things went together is crucial in knowing how they need to come apart.Painting is another good DIY skill to have, but there are good DIY paintjobs and horrible DIY paint jobs, and there are a lot of very small subtleties that separate the two.  

As as a result, nearly all the major insurance carriers are entirely unwilling to provide me with umbrella policy insurance at all and the only one who would even take me for regular home insurance on my properties for a reasonable rate was Nationwide- who has absolutely horrible customer service and won't ever get back to me 90% of the time I've asked a question or for a quote on anything and its like pulling teeth dealing with them.

It was a horrible experience.