Because of this, I'm forced to give all kinds of breaks and leeway.

I always, ALWAYS go financial first, replacement second, and if IF there is not a really good concurrence there than I add in comparable solds because in commercial there is rarely an accurate comparable sold far as "like kind" is concerned.     

If so, what kind of criteria do you have for your new location?

Compare how you would expect this home to perform as a rental with reasonable assumptions about cap ex, vacancy, repair etc and then figure out what kind of rental or possibly RENTALS (multiple) you could purchase if you sold this property and how would they perform.

This is kind of a general answer.

But I have never been to that area so would not know what kind of competition there is from local buyers..

You'll find a lot of these kinds of posts on the boards here.

@Jay Hinrichs its more like 10 to 15%..Yes, guys, I agree, I was trying to be kind to Realtors. :-)There is such a low bar to entry into the field, and frankly it is an incredibly complex job (once again, to do it right) Heck, I even had a license (in Cali) back in the day.

Hi all, just getting into the world of foreclosures after building new construction for the last six years.I have the data mining of pre-foreclosures and auction detail down.I’m wondering what kind of documents/purchase agreements are needed or work best? 

Banks do this regularly during any kind of financial hiccup.