I'm sure the answer to this is obvious to most, however, not having any prior experience with HML's I'm trying to prepare myself in the best way possible :) Thanks!

If rentals are allowed, they will have rules for that must be gone through such as approving the lease prior to the tenant moving in.

This is part of the research you need to do prior to bidding.

I think this might allow me to pursue a better deal since I would not be as worried about the location. 

If you are interested in this opportunity, comment below or connect directly with me through Bigger Pockets inbox.Class location: Arnold, MarylandBest,Scott Matthews  

I'm purchasing a house for $29K that needs a little cosmetic work (painting and a new kitchen subfloor) prior to renting.  

Current property deed has two names (X and Y), however the mortgage note has only one name (X).And as per the title search report, Chain of Title1:When the property was purchased the deed has both X and Y names as joint tenants with the Right of Survivorship.Chain of Title2:Later a quit calm deed was made with Grantor( prior owner)  Y and Grantee (deed owner ) XChain of Title3:Again a bargain and sale deed was made the other way from above Grantor( prior owner) X and Grantee (deed owner ) YCurrent Title (vesting information):And one more time a Deed was made with both names (X and Y) on the deed as joint tenants with the Right of Survivorship.Now, as X is the only mortgage holder from the time of purchase, and bank is foreclosing the mortgage on X, will Y have any legal ownership to the property, if the property gets sold at sheriff sale.

I still have to dig a lot on Gainesville s market to understand how the prices are on different locations of the city. 

But that is completely dependent on the location and condition of the property.

Location matters a lot right now.