The lenders never visit the properties themselves and their PM firms may not have noticed signs of a former tank (if any were visible).Now that he bank is aware, it will have to be disclosed to any other potential buyers.  

Sorry that wasn't evident in my comment.Edit- I'm trying to move into the commercial multifamily arena and have been visiting your site. 

After answering those questions, I think you can tackle the others like location etc,There are lots of great markets, so go visit your top their selections and then make a decision.  

Then visiting the property to see how bad it is.  

As people are frightened of the stock market and looking for a safer investment, private lending is always there, now looking better than ever. 10-12% returns, SECURED by the house you are flipping, they can visit the property and see their money at work, they actually know and talk directly to the people deploying and investing their funds, etc, etc.

I would love to put a trip together to visit some of these regions that have cash flowing properties available, including Cleveland, Cincinnati, Pittsburgh, Austin, and Dallas.Thanks for the ideas and comments so far everyone!

During my purchase, the seller was very unorganized, and it made my life difficult to see the all units during one visit. 

ThanksPeter Torres Peter, are you buying without visiting ?

Investigate the Legal Regulations – Visit the city/county office and inquire the zoning verification.

Since you're from OKC, do you visit the properties in person or do you have someone locally who checks out the properties and then you decide to pull the trigger.