I too want to mention that the mortgage insurance premium (MIP) for a FHA backed loan is very expensive.

Ive learned that as long as you show respect to the tenant, you will get it back about 85% of the time, which isnt bad in my book.I look forward to using the website.Also,Does anyone know how to edit a thumbnail picture.

I figure it would make it that much easier to rent, and could maybe even command a premium because of it.

I have purchased several e-books from Gary Zaccaria, both the 2012 HML and the 2014 edition as well. 

Now that more and more defaults have occurred they are pricing in the risk on new loans with a higher insurance premium.

I would possibly offer month to month option at a premium let them make the decision.

If your strategy in the event of such a scenario is to pay off whatever debt may exist, then raze and sell the lot, then an insured value that is of "reconstruction cost" may be costing you too much premium.

Lonnie Scruggs' book "Taking the Mystery Out of Money" Kindle edition is free today, Jan 25th only on Amazon

If I were to purchase the liens from the other holders (after the short sale negotiation was sorted out) what premium should I be expecting to pay?

I didn't mind spending $$$ on gut and update because I can easily get premium rents on them.