If a $110,000 NOI sells for $1,000,000 why on earth would you pay $1,000,000 for a $100,000 NOI ? 

I'm just worried because I know that the more confusing the wording gets in contracts the more room it leaves for interpretation of the wording (in my op) to the point that a "good "attorney could prove the earth is still flat..

America is the only place on earth where investment, wealth, individual achievement is valued above social justice, and America is still around...I've written on this blog about inequality and the problems it represents.  

Also, I've just used google earth to scope out neighborhoods and when I give my friends my guess as to the quality of that particular block I've always been pretty close to spot on, so that just goes to show that you can get a good feel and pick up the tells from google earth.

Would you be doing all the work yourself like electrical, plumbing, sheetrock, flooring, windows, roof, landscaping, foundation (they do have earth quakes in some parts)? 

Now, where on earth does HUD get enough info to plug into this formula to spit out the FMRs for an area, and whats a more simple way to explain how they actually get the FMR?

Rockefeller roamed the earth.

What in God's green earth attracts you to this opportunity?

Yes, I have done very well with lands, of course best time is to purchase when the market is down. use Google earth to locate them. and than get the real estate information through a Realtor or a title company if you have access to one.  

I wrote a quick little E book on the does and don'ts of out of state investing you may want to give it a read.. pm me and I will send it along.. nothing earth shattering but a pretty simple little guide that will keep you out of shark infested waters.One thing about the South as opposed to the N mid west or North East is the winter is not as brutal.. people tent to move from cold to warm so in migration instead of out migration.Well except for Californians moving up to the Northwest that is colder and rainer than N ca and S ca...