They are rare but not uncommon.  

It's not uncommon for people to go into it without a plan.

It's not uncommon for an investor from Texas or Florida to purchase a NNN property in a small town thousands of miles away, making the market very efficient (akin to trading a stock or a bond).

Its nice to know that this is not necessarily an uncommon practice.Theresa - We have been owner occupants for 5 years this August, so I don't believe the capital gains would be a concern if we were to sell.  

Also this is not an uncommon issue, often permits expire and final inspections are missed or incompletely closed out.

This is apparently not uncommon in the area I've heard meth is an issue.

I am going to take a WAG and offer this.Maybe your profit criteria is too high for the current market.. the old days of 70% ARV minus repairs has pretty much died in most parts of the country.its not uncommon in many areas to make 10 to 15k on a 200k flip  maybe 20k.

I've seen people say walk away whenever you encounter it and others who say it's not that big of a deal.I'm assuming it's not uncommon in Grand Rapids given the ages of a lot of the homes?

I've done some digging on other posts since I posted mine above and it doesn't seem entirely uncommon for lenders to have these requirements in place, house-hacking or not.

This will likely have to go through probate, and/or foreclosure (it's not uncommon to see both happening simultaneously), which can take months, or even years.