on the flip side, are there any I should stay away from regardless of how cheap a condo may be?

@Louis Mannikko  I don't see any down side to your idea.

Grass was very long, siding and windows a bit old and it just looked like the owner didn't care about the property anymore.

Are there any signs of the foundation sinking on any side?  

Welcome, let me know if you have any questions from the property management side.

I am looking to pick up some apartment buildings in Newark, NJ and would like to immediately re-position each building by managing the expense side. 

for instance like In this case when the OP says the property is worth 3mil  and she is buying it for 2.6  I would look at this in the sub 1 mil range personally. knowing that I have a huge up side if this person does not pull it off and I would NEVER loan on it..

So what I'm looking for from you, the greatest RE community, is some guidance on which strategy I should go with, and / or more details about HUD homes.I'd love to connect with people who have:Gone through the process of buying a HUD home (so I could get a step-by-step)An agent that specializes in HUD homes (I've heard too many stories of unqualified agents dropping the ball)Experience in the University Heights market (I've been looking on the west side mostly)Experience with FHA / 203(k) loans (to go over finer details)I would be extremely grateful if anyone could help at all.

I'll spray the perimeter and if need be the inside but I'll also tell the tenant that this is the south and if it's hot and dry it's not unusual to see these critters coming in to seek water.  

What are your thoughts on whether (or to what extent) I should be concerned about buying when the market is hot?