I would recommend with delayed financing - (cashing out prior to 6 months) that you structure the renovation costs into your initial investment to recoup those costs sooner;You would include on your closing statements (which vary state to state - HUD-1/ALTA statement ) the renovation costs - and have them charged at closing......

There were houses like that at the area of the city called "La Isleta".For some reason many people like to live in Ciudad Alta, for instance, La Minilla, which is, in my opinion, overpriced, or at some landmark building, like the Sol y Vistas building, which I find overpriced too (and some apartments do not have a great layout really).Siete Palmas, near Negrín Hospital, has some nice buildings too, but it is a bit disconnected from the city.

Did the buyer engage a surveyor to perform an ALTA/ACSM survey?

The language Phil quoted appears to be from an ALTA form commitment rather than a TLTA form, but I may be wrong. 

The extended coverage would require an ALTA survey and would report any unrecorded encumbrances, easements or liens.

Liens are elementary, and liens not properly filed are exemptions from coverage under Schedule BII  of an ALTA standard policy. 

Besides ALTA requirements you'll usually find state laws backing up ALTA requirements as well as the IRS Code and several acts dealing with money laundering, wiring funds, and DDAs (demand deposit accounts).

Jeff, Dodd Frank changed TILA, TILA changed ALTA, ALTA changes closings, therefore Dodd Frank changed double closings. 

The middle market (Alt-A paper) mortgages, will soon be flooding the market.

A good "flipable" option should provide access to the property so that anyone buying the option contract can see the property the option is relates to.To list a property on MLS any wherein the country it needs to be signed by the owner in title, since all listing must comply with ALTA requirements.