Making the purchase all cash, is not as awesome as it seems – we tied up $195,000, which made things a little tough specially because we finalized another purchase right after this one.Things we learned: (1) having cash on hand is useful, we saved ourselves some money by financing the project ourselves.

Other than a general home inspection, what are the other specialized inspections that I need to have?

Hello Robin, I would agree with the rest that it's best to get an attorney who specializes in evictions involved.

Todd,I recommend finding an accountant who specializes in real estate taxation over one that is local. 

Enrique, I recommend finding an accountant who specializes in real estate taxation over one that is local.

Spend whatever it takes to get the correct respirator, prepare thoroughly, and clean up thoroughly(bought a new a shop vac just for this, with the special drywall dust bag and also a HEPA filter).

James,I recommend finding an accountant who specializes in real estate taxation over one that is local.

One major draw bck to look out for is the HOA associated with it, as well as special assessments that you have no control over that can kill your cash flow. 

Akshay,I recommend finding an accountant who specializes in real estate taxation over one that is local.

@Matt Romano, yes, I agree with you on that and other special scenario(s) , my reply is more for generic situation for investor.But it's very tough to find a good deal in today's scenario, until you are very lucky.