I am visiting soon and will be starting my research but anyone who is familiar with the area that has any knowledge or contacts that could help would be much appreciated!

I guess I can use this to explain what plan I have formed based off the research I have done.

The use of a particular type of deed typically raises concerns for a buyer because of what a prior owner is guaranteeing or agreeing to assist with or not, but like Greg said, if you have a title insurer willing to insure yours it's because they've done their research. 

I've noticed that almost all the properties look the same with deep reds and golds when light and bright interiors is what's popular now. 

You did not get ripped off.If you did your research in advance of hiring your contractor then you know the answer. 

He had a number for the bank but I had no way to reach someone what would know about his case per say.I started doing some more  research on short sales because I do want to be able to navigate some of these potential leads to more of a systemized tailored strategy  butttttt during my research I kept coming across articles that stated that the lender would require the property that is being negotiated for a short sale to be listed on the MLS.

I understand the Cap Rate calculation, but I view that as more of a quick and dirty metric just to determine if the property is worth researching further.

You need to research this.

I haven't finished researching this, but this Lawyer basically lays out the thesis on this approach: http://www.jgutierrezlaw.com/uploads/Subdivisions.... has anyone here ever done anything like this?   

You research the newspapers going back to the year the house was built .