Problem is sometimes these are legit, sometimes not, and it’s sometimes difficult to distinguish.3.

It's not an option on the Chicago area MLS to distinguish between bank owned in the search criteria .

Does your policy distinguish these?

There is no other way for the appraiser to distinguish what the before condition was like, especially if your purchase did not come off the MLS.

Some in SoCal would prefer to have 2-3 homes paid off by the time they retire, than count on a 401k that may never be enough to pay oneself what rent from those properties can pay in perpetuity.

Are 35805, 16,10, and 11 zips you also consider good for investors, or are you just distinguishing them geographically from 03, 02, and 01?  

I think for business card purposes, this will likely be our strategy, though we might use other more distinguished titles if there is a specific reason to do that.

I use math as my distinguishing factor when I decide to invest. 

This is why its important to clearly distinguish your LLC as a separate entity from you by keeping assets, records, expenditures, etc... separate.I am not a lawyer nor an insurance agent.

@Sam Frank the point about commercial loans for 5 units or more comes from the fact that the industry distinguishes a multi unit building with four units as residential.