If so, any code violations become your problem once you purchase the property. 

If they are not, you have to bring all of them up to code. 

I am completely unfamiliar with tax code and will be reporting the income for half of 2014 next year.Any help is appreciated.Tiffany

You may not know how to handle: tenant relations, maintenance requests, contractors, turnover, lease admin, property managers, "professional" tenants, neighbors, capital expenditures, municipal codes, federal laws, evictions, lawyers, budgets, taxes, etc. and how each one can affect the profits (or eliminate them.)

For cash buying (wholesaling), high % equity is super important - otherwise they cannot accept your discounted offer - and you will fail trying to negotiate directly with banks unless you know that world and have proof of funds, etc.Forget foreclosure as motivator - you'd be better off looking at % equity (minimum 40%) combined with other motivators such as:1) absentee owner ("tired landlord" & "2 house payment" profiles)2) probate/estate sale3) divorce4) code violations

@Wayne Brooks@Travis DaggettBtw, the county record I found has some code for the deed type (the code is ST), but I don't know what that means. 

You do want to make sure however that the HO policy contains a guaranteed replacement cost coverage and at least 25% code upgrade coverage.

So check with the building dept or code official to see if that would be required. 

The compressor was wired directly into the garage box instead of a plug and had other code violations.

I suggest that you don't confuse them with regs and codes or try to impress them with quoting the FHA specs.