Just because the barrier of entry to an area is lower, doesn't guarantee that it will explode in coming years.

Largely due to a larger competitor ousting my bids (has a corporately guaranteed lease.)

Purchase, would be the lack of parental guarantees, or fewer than one bathroom per "unit".

You could read the recorded deed of trust to see the terms.But 2004 does not guarantee much is paid off the note.

There's a very high probability it goes nowhere for you.A free lawyer doesn't guarantee deadbeat tenants can remain in the house.

"The homeowner will occupy the home financed with the guaranteed loan as their primary residence throughout the term of the loan." - http://www.rd.usda.gov/files/3555-1chapter08.pdfI'm assuming this basically makes me a 30 year prisoner to my home unless I refinance or sell?  

I can almost guarantee you won't only spend $8,500 on the rehab if that's what you think it'll cost and it's your first one.You need a money partner.  

Hard money lenders may also finance your rehab costs but their rates are higher (10+%)You will most likely have a personal guarantee on a loan and because of that banks will want you have liquid networth in excess of the loan amount.

You won't find any attorney to guarantee the outcome of your case, pretty sure about that. 

One unit is foreclosed and owned by Chase but in the process of getting transferred to HUD....since 2013....to get their guarantee money from the government.