Freddie Mac and Fannie Mae, kind of like special lenders, offer good rates but need well-kept properties with lower down payments and longer payback times.

Every state has a unique set of laws and regulations regarding the foreclosure process, so your ability to succeed will depend largely on where you're operating.Also, all three of these require advanced skills and background, so I wouldn't necessarily start here.That said, if you do then be sure to get top-notch training and complete deal documentation from folks who have seen at least one full real estate cycle.Rather than specializing so soon in your real estate career, I would instead recommend just getting in front of as many real estate owners with problems.Just getting really good at talking (and listening!) 

Caveat, experienced investors rarely "shop" they usually have one or two lenders that specialize in certain products, keep all of the investor's data on file with current documents and they tend to care more about convenience, experience, and just getting the deal closed so they will continue to go to the same lender who can make that happen. 

All that being said my brokerage sold several in that zip code just this month so it is a potentially profitable area.

That's shockingly close to a forums code change that I hope to land this month.

I lived in Indianapolis I would like to move some day to North Carolina any recommendations of the best cities to invest or zip codes.

Do you specialize in residential or commercial market?

They're just going to fix stuff, that either didn't meet local code, or missed their "standard" building practice. 

Becoming more popular and less special every day, but there is a timeline where it will work for sure.

(Google Florida condo special assessments)  And, you are correct, the HOA can impose numerous limitations that prevent it from being a good investment.