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You may wish to check your local building codes to be sure that it is allowed.

The Internal Revenue Service has finally issued guidance to help taxpayers understand when a vacation home or a second home may qualify for 1031 exchange treatment.Revenue Procedure 2008-16 The IRS issued Revenue Procedure 2008-16 http://www.exeter1031.com/1031_exchange_revenue_procedure_2008_16.aspx to help define when vacation property or second homes might be qualified use property and therefore qualify for tax-deferred exchange treatment under Section 1031 of the Internal Revenue Code.

I guess the goal of any investor is to find your "value-add", and mine would definitely be on the construction side of things, so I'd love to find a SFH that could be turned into a two/three unit, especially since I know how to go through all the code/bidding/dealing with contractors/construction side of things.

I take note of abandoned houses, code violations, and houses that look run down/neglected enough to "stick out" from the surrounding homes.

There are a couple zip codes that are worthwhile, but not many.

Probably about 20% of the loans I do are coded "Fannie Only" or "Freddie Only" -- the rest are 100% conforming with both sets of guidelines, so we just sell to whoever offers the most money (which often times is neither Fannie or Freddie).

I have acquired 3 lists that I feel are great however I need some advice prior to mailing. 1st list is of 13,000 homes with code violations, the second list is 1000 properties that I have from driving for dollars, and the 3rd list is of 750 tax delinquent properties.

talk to them.Learn how to run the numbers, the education tab should have some info to help as well as the tools tab above which has some rental prperty evaluation tools.Are there any code violations or repairs that are required immediately?

Some vendors experience better deliverability by performing postal hygiene - including National Change of Address (NCOA) and CASS Certification.