In the basement, I was a little leery about the exhaust vents that went from the hot water tanks into the chimney due to a slight negative pitch on the ducts, as well as some gaps in the ducting (CO issue).

Marlon,My experience has been exhausting dealing with foreclosures.

However, if you have less leverage (say with only 65% debt), you payments are much lower and you can withstand a downturn.Good luck,

Unfortunately bad things happen all the time to good people, and I wouldn't move forward unless you're in a position to withstand some bad events. 

.* Condo is not FHA approved* Condo has a high concentration of investors, i.e. non-warrantable condo* Condo association might not be putting aside the required 10% to reserves* Condo association might be defunctThis is not an exhaustive list.

They are technically available for purchase of real estate, but I would exhaust every other means of funding before tapping your building nest egg for a real estate purchase.

There comes a point when you're just better off cutting your losses.Has your client exhausted her loan mod options?

I chose not to go forward as it would have exhausted all my cash but other than that, everything seemed there in terms of property, management, etc.  

Also, the servicer cannot start the foreclosure process if a loss mitigation application is pending.If you submit a complete loss mitigation application to your mortgage servicer after the foreclosure has started, but more than 37 days before a foreclosure sale, the servicer must stop the foreclosure process until: the servicer informs you that you are not eligible for any loss mitigation option (and any appeal you make has been exhausted)you reject the workout option that the servicer offers to you, oryou accept a workout, but fail to comply with the terms of the deal (such as not making payments during a trial modification).Now...that's the law, but let's talk about reality.  

I have seen many yards in the area with standing water and crawl spaces full of water.