Had the underwriter not agreed to throw out that second appraisal and had logged it into the FHA system, you would have been screwed...that appraisal (at your purchase price) would have stuck with the property for any FHA resales for 6 months.You've absolutely proven the point I was making above -- the only difference being that you got lucky that the underwriter was willing to be reasonable.

Their opinion was that fair market is broad and could be lower or higher based on many factors: condition, long term versus short term, knowledge of the pending foreclosure going into the lease, etc.

I believe you've honed your system enough to the point that you could effectively expand it!

Yes it has a lot to do with how they revamped the system and thus the backlog has reared its ugly head!

I found the perfect niche and the perfect system for running the show.

HOA's are, in some sense, their own legal system.

Appraisers also get a 60k condition adjustment versus 20k.

Therefore there is not need to have an MLS system.

Not familiar with your systems or terminology, but I suspect I could figure it out for their house in an hour or two.

Also, my experience as an investor is that, even after a larger deductible, I have the resources and experience to get repairs done more efficiently than the typical homeowner which mitigates the impact of the larger deductible somewhat and makes the up front premium savings more attractive.Regarding personal property, things like kitchen cabinets and the HVAC system should be covered by your dwelling policy.