REO is more of a banking term... It's

Keep an eye out for any termite damage, in-ground oil tank (it may have been decommissioned years ago, but may still be in the ground).

Any way you do it, I strongly suggest you find your own dealAs to financing, as Nathan mentioned try to stay away from lump sum payments over the note term, it complicates issues and you may be explaining the deal to the seller in your offer, so keep it clean.

It is a great plan with a lot of up-sides, but unless you legitimately and truly qualify both today and over the long term, it is not the right plan for you.  

A full home inspection cost around $500.00 that's home inspection, termite and radon (in Delaware you have to worry about the odorless gas) I'll give you some advice and this goes to everyone.

Older, wooden houses in Tampa are termite food.

@Katy Logue I loved US Home Inspect, used them twice.They can bundle add-ons if you want (mold, radon, termite, etc.). 

It seems to be pretty accurate here in Vegas but we don't have hurricanes or floods or termites really so I imagine that's relatively low on a national scale. 

But, I think I have a better grip on it now.I was also caught by the term regarding the "initial lease," but it's followed with "and any additional term, " it can only be terminated for the following reasons and according to the HUD contract.http://portal.hud.gov/hudportal/documents/huddoc?

In the long term, it would be better to turn the unit.