If they are insuring the property in its current state, it's likely that a new buyer will also be able to obtain insurance without trouble.As for the mortgage aspect, the key factor will be ensuring that the house, including the patio "room" and its roof, meets all local building codes and standards.

However if you plan on buying 3-4units, there is a trigger rule for FHA, it is called the self sufficiency test.

We also have a strict set of guidelines we use to help limit the number of inquires...they'll self select. 

Has any one had any experience with buyouts and what should be included, is this document called a buy-sell agreement?

@Stuart UdisHit the nail on the head and I would agree and have said same thingOne thing I will add is you mention contract management / this should include an attorney reviewing the contract and the investor understanding what indemnification is.

Dedicate one checking account and credit card exclusively to real estate.

New information, including fed comments today, will create continued volatility.We probably should stop discussing opinions on what is going to happen and start discussing what we are doing instead.

Are you thinking that you will live exclusively off the cash flow of your rental?

Do you normally include detailed criteria (as below) or keep the listing criteria generic?  

Title Insurance is regulated by state to include the fees.