An image jumped into my head of 'For Rent' signs down the whole street and I knew that wasn't something I wanted to compete with.I prefer to buy in established neighborhoods where the majority of people own their houses.

Their credit (unless it can attach liens to the property) is not a major concern to me.For example the wife & I go to our local tax or property auctions & sit there with the bidders (after we have est a good price for a home based on its condition etc).

Flood insurance requirements are based on FEMA flood maps, and it's up to FEMA (and the local water management departments) to determine if and how the maps are to be changed.We had some major flooding in my area back in 2009 and the results were that some of the flooded areas got reclassified into flood zones that required insurance and some did not.

Does it make sense to put money away for major future expenses when the property is recently rehabbed and won't need major repair while we own it?

It's the only way I'll truly learn this business.My day job is working in the default resolution dept for a major bank.

Ask about current market value of a fixer and about major improvements to your replacement property and how they affect value.

Go after private or hard money loans where the majority of the approval is based on the property itself.

It ended up costing an extra $600 in very small repairs that I know if they caused them they would have argued as normal wear and tear.Moving forward I decided to only address the major or noticeable items but keep tabs on the small stuff and remain flexible when they moved out.

I really enjoy the process of transforming a ho-hum property into something that people will love.

Update: Went in to bank #2 with a general analysis providing details on what's important to them: rents, taxes, major repairs.