There are so many investors here locally to the areas and also out of state that can hop a plane tomorrow for the right deal that overseas investors have a lot of red tape to deal with to get a transaction done.

Fly, like in a plane, to vet your options in person.

while driving for dollars, using a list we got from auctions.com, we came upon a house.we were looking around, it had several notices on the door, yard unkempt, interior (from the windows) looked like they had just picked up and left.we found a fed-ex (very weathered) package by the door.  

@John Woodrich, I believe the new ruling with the tax reform of 1031 not applying to 'personal property' only refers to that which is not part of real property (like a car, plane, etc.).

How worried should I be about being in flood plane?

Additionally, plane tickets are more expensive here than they are in the lower 48.

You may have decent cashflow for a whole year or two and then get hit with holding costs and CAPEX that you have not planed for.  

Your idea tenant will be a single mom with kids that works for Nike, FedEx or UPS.

so he planed to assume the original mortgage and then seller finance, cash flowing the difference?

I used to work in a bank as a lender so am familiar with that end of the process.I do most of the managment and maintenance myself.Have been considering some investment in Nicaragua and am planing a trip there for June/08.I look forward to meeting others in my area.Ken