I have actually driven around in an area that I had investors interested in and compiled my own list based off of the county records. 

I tried to compile some of the benefits for each party, but I'm not sure what the downsides are when conducting this type of transaction with family.  

You could also look to Airdna.co for compiled information if you want so pay a little to analyse this.Mike

IMO the next step to compile local data and crunch the numbers.

What you're doing now, is compiling information, but not gaining any knowledge. 

If you want to read up on it, there are usually several charts compiled online summarizing the different laws in each state, but you'll have to check how current the chart may be. 

If we can get this thread going and compile a database of each persons real life experience with each property type, I believe it could help all of us learn at least 1 thing more (which could lead to 1 more successful flip)So far it seems like if I do a basic cosmetic renovation, and have a competent inspection with reinforcement, many of the risks with houses is mitigated.

The answer is yes, but you will need to pay for the data.A good friend woks for a company based here in Denver called Blackbox Logic LLC, and they are not the only ones that offer a service like theirs.The use crawlers and compile recent data, and offer this data at a fee.

I kind of had to overcome my background in finance, compiling metrics till the cows came home.  

You should be doing your own comps to ensure accuracy.That said, we've compiled a directory of these online sites for those of you who want to get a baseline average before getting out there and doing your own DD:http://www.biggerpockets.com/house-value-comps.html