Prepare a metes and bounds description with survey of the two separate tracts.

In another case, we just foreclosed on one of the units that owed over $20k to the community and are now rehabbing it in preparation to rent out and get some income. 

I hope you will find a realtor that specializes in investors and REOs asap that will show you on MLS the props that are availableIm not in the business as you know, but I know several props that already have tenants in place and investors that bought 6 +years ago are ready to sell...those are easy deals to run the projections on.Before you take any more time thinking about all thepossibilities...go ahead and get your loan qualifications done/ financing letter of approval Because you will have heartbreak if you find an incredible deal and you are not prepared to jump on it.( There sure are incredible deals even today in South charlotte but only for those investors prepared to take action.)  

But be prepared to take share in the profits with the HML.

Were you prepared to close on it when you signed?

If you didn't see it get put together in a matter of days, you wouldn't know it wasn't stick-built on site.Most anything from a SFR to a 6-flat can be assembled on a prepared site in under a week.

That project may have been a bit more than we were completely prepared for, but we're doing the work ourselves and will have a great equity return as well as good income.  

Word to wise for out of state investors looking to buy a multifamily unit in Dallas, be prepared with all your docs before you approach the water department, and give yourself plenty of time.  

If you are going to close w/ financing, have everything in order and have your title company prepare the HUD-1 and submit all of the necessary docs by Business Day 30.  

I'm still fairly new to investing as well... just got my RE license, preparing my first DM campaign, and a few other things to set everything up.