I tried to vote on each comment as my way of acknowledging that I read it.

Also, the $5,000 turnover expense you slipped in there wouldn't even remotely begin to apply to a property with rent this low, which you previously acknowledged.

Thanks for the acknowledgement Christopher, this is exactly what the BiggerPockets forums are designed for and this is where I started when I began to buy NPLs.

I don't do 0 down stuff and I am also looking for capital to do some rehab for value add and rent increase.Condo Details:-Current Value $260k-Rent $1875, (Dropped from $2375 from 3 years ago due to oil downturn in Houston)-Mortgage 15yr 3%, total mortgage payment inc HOA/Prop tax $2375-Remaining mortgage balance $130kI acknowledge this is a negative cash flow property. 

Should I have them sign something (before the closing), acknowledging that the appliances are owned by the property owner, or are the leases they signed sufficient? 

Yeah, that could work - but, please acknowledge what it really means to go with an FHA loan.Of course, you may intend to rent out all of it later - but you'll still have to live somewhere. 

The properties appear to be in fair condition from outside and inside visual observation but cosmetic work is needed in my opinion to maximize rents (more formal due diligence is required also).The owner acknowledged the house was up to date on taxes and mortgage payments.

I don't think (Lebron nor Kobe) were waving a white flag they were just acknowledging what the league/fans and pure numbers of their individuals greatness proved to the world.. 

Yes it cash-flows great (a little under $1200 a month, 29% cash on cash return), but the support and positive acknowledgement i received from the community for transforming an eye sore to a diamond was worth millions.

That doesn't mean that it will rent for $750, so I agree with your point and acknowledge this is an area we'll have to do a lot more research over the next few weeks.