@Blake LowdermanI would look deeply into the properties past rental performance. if the numbers are EXACTLY as you mentioned I would consider the deal.buying at these terms can be tempting but you have to make sure you are not "buying" some one else problems. definitely research the past years income and expanses and verify the numbers.I have personally dealt with properties in small towns like these - its a bumpy ride:-)

David Hite In note investing live by the motto “trust but verify”.

Plus many have an LLC to somewhat protect their identity

How does one verify important history of a property such as if property had been flooded before or if there was murder, etc...

Its listed for 150k (Sellers said its negotiable right away) it is a single family house, however it has 2 identical units, 2 bed 1bath, kitchen and all.

Be sure to post your deals here for us to help verify your analysis.Just remember most BRRRR deals have lower Cash Flow than normal Buy and Hold deals.  

@Michael BishopI'm a believer in "trust but verify" but probably good advice in just going straight to the securities attorney for direct answers. 

You may be able to find a lender that would consider that income, but I would verify that first.

Nothing to do with ethical or politically correct reasons.2 contractors, both same years in industries and both have identical knowledge and skills.One has one leg the other 2.I am hiring the one with 2 legs, because he will probably be faster, less likely to get injured on the job, etc. etc.These are just facts.

Also so hard to pin point without knowing other market rents and vacancy in the area that verified.