As a structural engineer, we make the architect's vision a reality (design the concrete structure of the infinity pools, how to support the large open windows and large span cantilever terraces/roof with steel framing, design the concrete foundations, retaining walls and basements if the building is on a slope as is often the case in Beverly Hills, and all the wood floor, roof and wall framing). 

I have never heard of such a case in over 20 years in the business.

Its the case in most businesses.Great you started with nothing.

The length of the foreclosure case - in my market (Cook County Illinois), this is really a negative factor. 

This is especially the case in the early stages of building a portfolio and even more so if you intend on flipping homes which is more hands on.

Note neither of us are stating this is the case in non-mf areas.  

I would only recommend investing in such areas if you have expertise doing so.I wrote a piece a while back making this case in detail which you might find helpful: https://www.biggerpockets.com/blog/2016-01-26-vast-majority-...

Unfortunately, this is the case in Detroit. 

The IRS has conducted two Formal Audits of the Structure and Law Firm with no particular case in 2008 & 2019 and these were also “no change audits”It has been reviewed by FINRA and multiple National Tax Law FirmsThe Deferred Sales Trust attorneys offer Audit Defense for each Deferred Sales Trust for the life of the trust.

(Case in point: I actually have to appear as a witness in a rezoning appeal case on Monday.)Anyway, if you have time and money than doing all 4 appraisals would cover all your bases but it may not be necessary.