I've combed the area, but seems like I may have been late to the party as a good portion of the homes seem to be renovated. 

Hi there,I'd be interested in the collective wisdom of the Bigger Pockets community on anything that might stand in the way of solving a problem for house rich/cash poor homeowners while giving investors a leveraged return on hot real estate markets. 

Plus I’m going to be standing at the front door fuming demanding to know when I’m getting paid and what the issue is .

I would like to make sure this gets done well so the interests of all parties are met. 

They don't have a one-off policy that says it's close enough.If the mortgage is more than the value of the home, your deal is subject to third party approval, which means it doesn't have any value.Two things:one, when you're sending in a blind offer off-market, they have no real idea about the condition of the property or the value of the property.

We have very few regulations regarding this process in our small town besides a party wall agreement and co insurance, but we have also done this in a larger city where they required a POA and some other legal legwork for the duplex so that if needed the units could be sold individually.  

Usually, all this happens before the County taxes are due, in which case the County will send you a revised tax bill with the reduced amount.I know this can be a bit overwhelming/confusing your first time, but it's really a pretty simple process once you learn the ropes.The hard part is convincing the Assessor that your value should be lowered!

Abel, if you've identified the deal, you've already done the hardest part!  I

In this instance we have 4 parties involved.

The last tenants were neighbor-from-hell, drunk & drugged out, criminal trespassers who habitually abused my property during all-night parties with numerous friends and relatives.