Considering the cap rate compression and the amount of new starts in all the major cities what do people think will happen to values in the next 5-10 years? 

Long term with baby boomers a majority of net migration is moving to warm belt states.Memphis Invest also does Dallas Invest I think.

If the area is zoned for 3-family, then it’s far from a hop skip and jump to get this cleared with zoning department.

I asked my lender if I could do this and she said her department does not do conventional loans and lenders have different requirements.

Not sure what you mean by too early.I’d still buy pre-foreclosure if a seller contacted me; we just don’t target market for those anymore.what I mean is 99.5% of people are still in major denial.. and so trying to spend a ton of time dealing with them at the substitute trustee stage will be fruitless.people in this situation in my humble experience only get serious the day before they lose it or 2 days before.we never even contacted them until 5 days before auction.. and the reason we KILLED it is we had little competition.. most need loans to buy we did not.. most rely on attorney or title company for the transfer we did not we did it ourself..

Most of my tenants are law enforcement, fire department and teachers

One of my buyer bought a house with violation, and just... don’t plan on making major renovations.

And if they won’t release them until under contract then it’s a major red flag.

Unless there's major appreciation, there's no way I'd pay 280K based on the increased monthly rent of $4000.

I have already spoken with the building department and it is zoned properly to be reverted back to a multi family.What I am struggling with it is how to get a list of everything that would need to be brought up to code upon final inspection.