Then get insurance, and set up a Series LLC with a land trust so that you can separate our your properties into individual series or children, and then by using the land trust you can legally transfer the properties our of your own personal name into the land trust that is connected to the Series LLC without the bank or lender getting upset.

They don't have to disclose flood zone here so you have to look it up individually, and some insurance companies have set up their own "surge" zones so either limits your choice of insurer or increases insurance costs in those areas.  

I also believe that the cap rate is more of an indicator of risk to determine value vs the return you get from paying cash for asking price.

I purchased from an individual...who actually had asked me to appraise the property.

Again, looking for a few like minded individuals that would like to get together for coffee in the coming week or two to share visions and war stories.

Is it a decent indicator of the direction of a local RE market?

However they are usually hired by the association, not an individual unit owner.The seller may (or maybe not) be offering owner financing because the condo complex does not qualify for FHA, FannieMae or conventional financing.

I pick up a no trespass notice at the local police station, fill it out and give it to the individual.

@Shay Singh - I bought 18 properties in 9 months and used a commercial lender (US Bank)It was not a portfolio loan, they are individual standard commercial loans but I did 3-5 at the same time. 

The LLC recently bought it's first property, you did not... so that transaction would likely not affect your individual status as a potential first time home-buyer.