Like you, I also have a partner (and mentor who is a successful REI with over 100 REI under his belt) and our goals are very simular to yours.

I use the detailed search criteria to find properties simular to mine in the given area.

I have an idea on how I will set this up but I'm looking for some "POT HOLES" any of you may have hit with a simular situation.I flip properties, 2 or 3 at a time using a mixture of hard money and my own cash.  

I just want to be first to look at the deal.I was wondering if you knew anyone going that extra step that has gotten any traction with any simular plan.good luck Jim 

They should be able to easily list that property for 120-130k and be fairly cheap compared to simular properties in the area.

Simular lots are going for a few thousand more than what he paid.

I hope to purchase at least one more this year with simular numbers.

I had simular issue and needed to pay a surveyor to come locate and stake the lines for me.

I know when i sell a house, sometimes the buyer askes me to pay "gap inurance" is there something simular for this situation ? 

OK, I re-evaluated this deal and it's not as good as I think:A few houses sold for $100k less with simular potential, minus the 2 floor unit2 floor unite might be hard to rent there; locals don't really rent and outsiders might not want to live there (heavily Hasidic area)Not a lot of rentals there.