So make sure to have those things taken care of.Here's HUD's inspection checklist which would be good to review and keep in mind. https://www.hud.gov/sites/dfiles/OCHCO/documents/52580.PDF 

I am new to real estate investing but am interested in fix and flip projects and building a rental portfolio.

But then two of the investors I worked with analyzing this deal discovered an engrossing revelation…Included in the documentation letter contained an appraisal report assessing the property at $610,000.00!!

Also thinking of buying a single family and then flipping it to a developer to tear down and build new multi-family that seems to be going up everywhere.Any advice is appreciated!

Also thinking of buying a single family and then flipping it to a developer to tear down and build new multi-family that seems to be going up everywhere.Any advice is appreciated!

Time to build the foundation below.Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

Landlord friendly and low property taxes combined with how close it is to CA it makes visiting properties and building a team easier. 

Typically DSCR is minimum 20-25% down, they will utilize a proportion of the current or proposed rental income to qualify.I'd have a second look at the income for full documentation qualification as well..there might be some other ways to qualify income..including asset depletion..

Purchase price: $200,000 Cash invested: $24,000 16 unit good bones building bought at an amazing price as an off market deal since it had many downsides but the downsides are just temporary.

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?