Closest thing for 1-2 families is a certificate of occupancy and that's only when the ownership changes hands.

I was also interested in pursuing investments in that area as well, as I know the city like the back of my hand.

I've been working in different biochemistry labs for the past 5ish years and just like my career in science, I can do all the research I want, but I really only learn by getting my hands dirty and physically doing the work.

I only can remember a handful that started in bankruptcy, but 90%+ were in some stage of foreclosure.

Unless she pays you about $20K to take it off her hands.

Another thing you might consider is to find a local real estate group to join and learn first hand from those actively involved in deals.

As an example, if your offer is accepted at 11am Tuesday morning (which is a typical time to get the email), the contract and EMD will need to be in HUD's hands by 5pm on Thursday (two days later by close of business time).If the HUD office is local, you can drop the stuff off in person at 4:59pm if you want.

So, you hand over the contract and tell them what's going on and they start the process.

Yeah, little know, but Obama hand selected every single federal employee the first week he took office.

My advice to someone just starting out is to find someone to work with that is already in that business and learn everything you can in a hands on environment.