I would do some due diligence in making sure there are no major encumbrances on the title that could cause you a problem.

This is certainly possible if you’re willing to do some major rehabs.

One posting that I saw is that as long as the loan originator is the majority owner, it should be fine, but in our case partnership, splitting three ways, that would hardly be the case. 

If it stops majority people then I will take your guys advice and stick to good, clean locations.

I'm looking to buy a single family property for $90,000- gets 17% ROI and recent updates to major ticket items.

I leave the modeling of catastrophic events like floods, terrorism, or the sequence of maintenance events to the insurance quants (I generally account for those major events when evaluating the macro market and would only do my analysis if the market was favorable.

@Calvin Lipscomb Jr There’s only so much you’re going to learn on here and the majority of individuals on this site don’t even go into those areas.

They also did major structural/framing repairs to the parts of the house that were not demolished.

Shouldn't be a major issue if you have 2 years of tax returns showing sufficient income.

There is some verbiage about type of property, apparently it doesn't count for multi-family zoning.From the city's website:The majority of our neighborhoods in the City of Lubbock are zoned as single family neighborhoods.