I've now added flood insurance to my initial vetting rather than leaving it as just a contingency on the PSA.I don't believe in investing in the greater fool theory, and I think I'm too early in building my  business to risk being stuck with an albatross tying up my money, eating at me with stress and holding costs, and potentially sinking my ship.

I had around 100 people so I tried to keep it under $15, including shipping.

@Joseph Weisenbloom, not on your list and maybe too far but I think San Marcos is a rocket ship.

My ship was sunk and I was submerged in debt.Burdened by the thought that unless I filed bankruptcy, came up with $18k or waited a decade.

Just ship them to your destination? 

We've done a few of these using "standard" shipping containers modified to provide two units per container in "unwanted" locations - along railroad tracks, odd-shaped properties, and even old parking lots. 

COSTCO, Dollar Tree (but do store pickup; shipping is crazy expensive), Walmart

Usually once the tenants get wind of a foreclosure the occupancy drops as tenants jump ship to another landlord close by.So usually by the time the bank forecloses and takes over the complex the value has eroded even further.I am not a tax expert but it would seem easier to mitigate a small 1099 versus a large one.Also if it forecloses depending on what type of loan it is they won't be able to get financing for xx numbers of years moving forward.So as you say many things to consider.Sellers are always looking for a totally clean break from a bad situation and it doesn't exist.I tell them you have options and have to try to make the least painful and most in your favor as you can.The bank is trying to get what they want and the seller is trying to get what they want and both have to give to get somewhere.With taxes some are very risk adverse,some test the waters a little,and others swim with the sharks and hope not to get eaten.At the end of the day it's a personal choice for everyone how they conduct business and live with the choices they make.Charles do you have a blog on taxes and planning on BP that you do??

Im worried that I may not have the know how to run a tite ship like some say.

If you've never heard of it, Google it.You can purchase residences on this ship, or rent.