And who knows what else you may uncover doing a new roof.

We use an agent if the property has any sizable flaws.

I was referring to the foreclosure action and whether the lease survived the foreclose sale due to possible flawed service.

That may or may not be a new build, likely not.The beauty of buying the existing older home is that your inspection will uncover needed repair items and life expectancies of your capital items.

I'm not Rob, but I'll show you his answers that are already posted.http://www.biggerpockets.com/forums/52/topics/90852-tenant-screening-uncovered-duis-jail-time-etc?

the house with the missing gas furnace and AC was insured but with the butcher job of the removal and cut lines and ducts, I'm sure it could not be repaired for $5,000 but it was listed as insured.And other cases there have been relatively minor flaws, well less than $5,000 and the property is listed as uninsured.And then there is the third type of property, where I marvel how the property was financed FHA the first time as there are clear major defects that would be rejected by an FHA appraiser, so how did it become a HUD repo?

Another question: does anyone see any obvious flaws in our business plan?

I do this to make money and grow wealth, not to make friends and grow the economy.I suspect that your perspective on the numbers right now is flawed, but not knowing anything but asking price and offer prices doesn't allow me any insight into whether the deal makes sense.

I will only do that if I uncover major repairs that I did not find originally or we're not disclosed.

Cal and just NOD-NOS-REO I can help you with that.Yes, I'm In Northern CA above Sacramento Then if your a investor that buys, Yes, I'm an investor.I may be able to help with preliminary reports, but keep in mind that these will not show hidden liens or flaws in title.My understanding is that I really only need to worry about Tax and Mechanic Liens and Judgments.