BW12 will only apply to anybody buying pre-FIRM homes after june 2012. anybody that has active policy on a pre-Firm home and don't let coverage lapse it won't matter until they go to sell..case study we looked at.. joe blow had a pre-FIRM home for 20 years, paid 1230.00 a year, sold to john doe, johns policy needs a elevation cert, finds out house is -4 BFE. his policy is now 11400.00 a year. his only option is to raise the house above BFE. once above BFE will drop back to 1230.00 a year.takes pre-Firm to post-FIRM basically and charges rates on full risk!

Many associations were initially approved, then let it lapse due to the paper work involved.

Not many.Good point and your right most of them don't.There is nothing worse than a contract lapsing when they can't wholesale the property.

It is unfortunate as we are not likely to use that vendor again due to the lapse in performance.  

There is no incentive to let the lease lapse and have them on a month to month.

The city does not require a C of O in order to have tenants in the property. the C of O could have just lapsed, and the current owner is in the process of renewing.

If you're facing a property with erratic utility pricing, typically that's a prior management lapse or deferred maintenance item that's gone unnoticed (or is trying to be slipped past the potential buyer); you can always save that for your negotiation.

In fact, after complaining twice, I let the application lapse and took alternative measures.Where in Central Florida do you invest (did I miss it)?  

Is it wise to put all of my current investment capital into a property that will yield neutral cash flow assuming I buy right and can keep it occupied without lapse? 

Greg, much like everyone else, I must say that your relentless commitment and dedication despite the setbacks and lapses in motivation is brilliant.