Google that term and you can read about how it can help you.I own a couple properties in flood zones, no a show stopper for me but proceed with caution. obviously house should be discounted when sold if in the flood zone but if you can get it at a deep discount with potential of removing it that could be a home run!!

The house was sold and the new buyer immediately had the trees cut down and stumps removed at great expense. 10 or so years later the house was sold. 

On the positive side, I received an offer of $655 from a local investor for my boarded up Taj Mahal that Morris sold me for $61K. 

A pretty good comp recently sold for 710K.

I noticed a lot more MFH are getting on the market now in the Phoenix market.. and what is even more interesting is the fact that some of these MFH were bought & sold in the last year or so.... 

The market is up right now and any property sub $250k that is rehabbed is sold in days, which means investors are snatching up the lower cost un-repaired properties and flipping them quickly. 

If there is more debt than it's worth I'm thinking that the court will order the property sold to pay for it. 

This comes into play with a property is sold for a gain. 

I'm a Broker of 20 years and the reality is that you become a target, you are considered an expert in your field (even if you haven't sold a thing, per the law in AZ) and you are held to a higher standard. 

You will want to have the property under contract for less than the recent sold properties, the difference would be your profit minus closing expenses unless you plan on assigning the contract.