The best subject to house is a house that everybody wants in the best school district in the condition is impeccable, they were the better the more warranties the betterExisting financing is very very very important.I am going to say that again, existing financing is very very important.

He guys new investor here, I have notice a ton of rental homes in my back yard already and I am trying to decide is my market over satured with buy and hold tentals.

Yes ,the new build may be more a spec home play than rental... targeting some existing homes in the area may be better angles.  

I've heard different opinions on this....Any lawyers out there?  :)ThanksMark

Or a new slab poured in an existing house? 

With an FHA loan, you can leverage on the existing and projected rents nicely.

An umbrella, and insurance in general, exists to protect the insured against CATASTROPHIC LOSS.

@Mark Johnson, Your from Rimbey...... a coupe years ago had no idea that town existed, and now I visit there often.

Is it possible that the new owner has acquired the property subject to the existing note? 

That was one of the stated goals of the 2010 ADU/tandem house zoning, to preserve existing the housing stock.7.