Housing Authorities take risks and get lower returns, but it is not realistic for private owners to do both.That said, we will take a chance on a borderline applicant if they have a co-signer or agency int heir court.  

No official appraisal.

  :)  When you first get to each property, take a picture of the house number (mailbox or front of house) first; that'll help you figure out which pictures go with which houses when you look at them later.The house itself:You can't give it the same level of inspection that a real official inspector can, but you can look for obvious things. 

Also contact your local housing authority. 

@Betty Fuller - try these:-http://www.mapsales.com/state-wall-maps/iowa-wall-...http://www.marketmaps.com/wall-maps/state-maps/iow...http://www.amazon.com/36x60-State-Official-Executi...Good luck!

The housing authority may violate their own policies and you will have little recourse.

One way to find out about the first position is to get the borrower to give an authorization to release - but you probably won't / can't get that before you become the note holder. 

Depending on when the condo association organized, they have a lot of authority on when you as the owner may be on the hook for large amounts either through special assessments or from back expenses (which FNMA should deal with prior to sale, but be careful).Second, associations use their dues in different ways - @ $125 per month, I would guess that most large projects are funded through special assessments rather than tapping into a reserve that has built up collecting $125/mo from each tenant. 

Michael Gerber (author of the E-myth) talks about it quite a bit.  

I am an authorized HUD Brokerage in the Central Florida market that works with investors, helping acquire new inventory via HUD, REO's Short Sales, Wholesales, auctions, etc.We also offer rehab services, and will assist with marketing and selling when complete.I look forward to expanding my knowledge and assisting wherever I can.John Rogers