I still think the FMV is still around 145k, so I'm looking to pay around that for it, I will ask exactly what is owed, what rate etc, to see how long it would take to get the property from being underwater and like the idea of having the 4 possible extensions (in case FHA won't allow me to purchase after the 3 years from my foreclosure) I do truly want to thank you guys for all the advice, never having done this before, I've seen so many things that would lead me to think I needed to bring 3-5% now (which I could and would be prepared to do) to put toward the purchase.

Prepare ahead of time by identifying issues and questions you have, and see how they perform.

Andrew Johnson “I use Appfolio out of santa barbara, ca its definitely not free and my property mgmt company passes those costs down to me which I think is around 50-60 bucks a month based on number of units under the service.I am able to see all reports from rent rolls, cash flow statements / trailing 12 month cash flow, tenant ledgers, maintenance requests, dialog between tenants and mgmt staff, resolutions to maintenance requests, move in pictures, move out pictures, or video, and many more features.What I like is that it allows the vendors to be in a dialog/text/chat box so they are prepared (vendor) prior to job assignment with lockbox codes, scope of work and pictures before they even go to the site so we dont waste time figuring things out and run up a huge $$$ bill for lack of efficiency.”

Most conventional lenders will not finance them {though if you live in it, sometimes you may be able to finance is as your primary residence} - which means you need to be prepared, when your time comes, to sell with vendor financing or convert the building into multiple units (if allowed and feasible).

Most states have requirement for the amount of time a LL has to prepare and send this form to the tenant.

6)  Are you prepared to be sued or named in a criminal suit if your tenant in some way wrongs - or is accused to doing wrong - to an airbnb guest?  

It's always best to be prepared for worst case scenario.

Are you prepared to write a check?

I do look for the good deals but you need to be prepared to move quick and have cash or be pre approved for a loan.

I feel your choice is the right one and you should prepare yourself for the commission way of life.