I've been looking serously since June, even got as far as a contract on an REO untll the inspection revealed an additional $10K in repairs, for which the bank was not receptive in a lower price.Basically, my vetting of properties includes taking an avg comp at 65-70% of ARV, to determine if taking a look is even worth it.  

I got a home inspection done today and the inspection report stated that there is mold in some of the bedrooms in the house.

If you suspect mismanagement of funds, cut those past accounts off and keep all records.The next thing to do is to enter a statement in the Treasurer's report which is to be made part of the Minutes of Meetings as to the requirement for an audit or that, in your official duties you require an audit.

A trap you probably are not prepared to deal with.As far as the BPO question, the only way to confirm a BPO's number is to see the report the number came from.  

Otherwise, folks would just do one report and just keep editing it for different properties, cheating the system.

Their business model is based on getting money from credit reports and background checks.

Hello @Troy S. and @Steven Rasovsky,There have been a number of local news reports lately about the proposed/planned future for Lower North Philly which includes Brewerytown.   

They're still working out some of the kinks in their reporting systems, but if you want your properties rented quickly at healthy rents and with happy tenants, they can't be beat.  

This means:You must use a property manager; you cannot manage the property yourself.You may not personally do work on the property; a third party has to do it and the invoices paid by the custodian or the property manager.You may not mix personal and IRA funds or the entire transaction may become an "early withdrawal" from your IRA and taxed as such.You must report the market value to the custodian each year.Rental income flows into your IRA, which you can utilize according to applicable IRA rules.

Also be wary of letter of intents as they are not legally binding, specifically as there is a current tenant in place, and I'd imagine you likely will not be able to get a signed contract in place from this potential tenant.If the borrower won't reveal who the tenant is, I think that might be red flag enough to turn this down.Just a thought, in Southern California, there are a lot of tenants who are willing to do this in the marijuana industry.