After listening to one of the BP podcasts I also uncovered Paynearme.comhttp://paynearme.com/en/businesses/industries/auto-lending/property-management/?

I'm sure there's also asbestos and many other "surprises" to be uncovered. 

I was going to rent but when I saw how much rent was in the area (600-800 for a 1 bed apartment, 800-1000 for a 3/2 not-so-nice house) and how cheap houses were to purchase (30-70k for a not-so-nice to moderately nice 3/2 house) I decided to just buy.  

While the title search should uncover any liens associated with the property, you also want the protection that the actual title insurance policy gives you in case something is missed.

Here are the costs to address the issues uncovered by these experts: 1.Wood floor and wall in the middle unit: $44,000 + tax + $2,800 for permit, but engineer report is needed for a formal quote.2.Roof above the middle unit: $8,000 + tax + $800 for permit + ply wood;3.Sewer line outside the building (see estimate): $7,365 total;4.Sewer line inside the building (see estimate): $21,663 total;The total cost plus 10% contingency is equal to $100,000 in repairs that I cannot afford to pay and still be able to fulfill my obligations to you and to the tenants that will have to be displaced for the duration of repairs.In addition, the appraisal came in at $275,000 that is considerably below the $340,000 number.Proposed solution: You will complete all the electrical repairs and ensure all three units are brought up to current code including the outlets.You will have the stucco repaired on the exterior that was damaged by the electrical proof.

That will get the city out to look at the house and hopefully uncover anything.3.

The other thing is that most of the multi units are in not so nice areas.

It could just be some lipstick on a pig and you still have a number of uncovered issues.Happy Investing!

Let me know if you'd like to discuss anything further, I'm happy to provide thought processes:) Dan,This is so nice to hear.

It's so nice to know there is someone on BP who lives so close to me. :)