Here are some that I'm aware of:- Galvanized pipes - typically 40-50 useful life, could rust from the inside out, could get eventual pipe failure- Zinsco or Fed Pacific electric panels w/ aluminum wiring that could be a major fire hazard- Wiring in general (e.g. knob and tube)- Asbestos in the walls- Lead paint- Heating system - boiler?

We have experienced the oversaturation here like most places, and a couple months this winter RevPar off by 20-30%, but picking up now, and expect peak season to be full as typical. 

Thanks, @Scott Mac, I guess what I was comparing to was RE VS an index fund like VTSAX that's gained 12% a year in the past.  

Since you've lived there for at least 2 of the last 5 years you won't have to pay capital gains (assuming that the property appreciated) if you sell.

Overall this has netted over 3/4 of a million in equity in that time (sure, not a realized gain but still amazing) and produced true cash flowing properties.

It typically takes time because you are banking on appreciation.

Also typically you are not the only one with eyes on this property.  10 other investors will too, so probably will not go for the minimum bid, but something much higher.What is the recourse in NM? 

Typically the houses we rehab are 20 - 50 years old.

Would you take the short gain and make 30k or risk another 30k to get 50k, or risk another 30k and get 1300 in rent each month?

I also need to gain knowledge of how to be flipper... any ideas?