It is required for properties located in federally designated flood areas.foreclosureThe legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property.

I think the basis of any due diligence is to source a top long standing PM or similar and getting them to advise you on the location. don't waste your money looking at cities you know nothing about.

If you have flexibility on a location there is almost always a home for sale for a similar price with a better assigned school (particularly now with the population aging/retiring and both parents of a child more likely to work).

@Conrad Metzenberg What was the most challenging part of the deal...from location to close? 

what would be the best way to approach for them to correct the fence location? 

If it is 2 to 4 units, besides the purchase price and the location, I would want to know the following:What are the current rents?

I was thinking I would pay an hourly rate at a handyman rate ($10-15/hr which is normal in my location), but give them a bonus on each completed rehab.

@Henrietta MateakiA quick suggestion, since you say you can find great deals, is to call up some active wholesalers in your area and co-wholesale a property that you locate.

Two located in Raleigh are occupied, one located in Knightdale was recently vacated.Will likely do another post on this as well!

Might be able to do the switcheroo even before reaching zero, with a bank giving you the LOC at the same time with paying down the mortgage balance (but I wouldn't do that before reaching 40-50K balance).