The basement was dry and the house doesn't sit in the floor.  

It really left us high and dry come selling time since we're pretty much breaking even on sale prices + fees - mortgage balanceI'd like to avoid PMI especially since seeing now that they never go away on an FHA loan.  

That part of it is really cut and dry.  

the proverbial ink isnt dry on my last acquisition---which was my first ever---but i am willing to take a gamble but the significant other is having second thoughts.thanksvijay

Bugs, mold, and dry rot will show up on those, which will give you or your contractor a good idea as to cap ex/rehab costs.

Once they reach a certain size counties and cities have a DRI ( direction of regional impact ) review.

I'm located in Western Mass where the market is somewhat dried up but I believe there is also great opportunity.

If you purchased SFH (with no HOA fees), then you would have that extra $150-$200/mo from HOA fees to go to increase your cash flow, save for repairs, etc.2) Have you considered using some of the excess money (current going to pay down the mortgage) and putting it into an account for each property to cover repairs and eventual replacement of items?

Effective Date: 04-01-1986 5313.07 Proceeding for foreclosure and judicial sale.If the vendee of a land installment contract has paid in accordance with the terms of the contract for a period of five years or more from the date of the first payment or has paid toward the purchase price a total sum equal to or in excess of twenty per cent thereof, the vendor may recover possession of his property only by use of a proceeding for foreclosure and judicial sale of the foreclosed property as provided in section 2323.07 of the Revised Code.

If you have good equity in your own home, that should save you from having to find money that is excessively "hard".