I’m just starting to look into this as well.

This is critical for protecting yourself, your property, and your neighborhood.Here’s why:Safety Concerns:Skipping checks could allow someone with a serious criminal history—like a sex offender or violent felon—into your property.

What should I look for before making an offer on a property like this?

I suspect in most mortgages the Borrower entering into this type of agreement without the written consent of the prior lender would be a default.What debt coverage ratio do you think would be fair considering the risk? 

I've found all different classes of neighborhoods in just about any city I look into, so I started instead by going off what properties cost and what I can afford.

@Caleb Rehg This thread may be helpful: Nearing 1,000 College Students: Here's What I've Learned

That's pretty vague for people to help you.

I have not yet but I am planning to look into it for a client in the near future.

Any tips or advice?

This should put them at ease.