I am interested in having a firm understanding as to what the corrective action will cost.

 @Heather Hopkins I would consider the triangle as well...lots of inventory and still deals to be had if play the game correctly.

May as well go all the way and ask seller to pay doc stamps on the deed and owner's title policy too because you may have been asleep at the wheel seller.I'm assuming this is a for sale by owner correct?

They are awesome, very responsive and communicative

It takes trial and error, failing and correcting, eating crap than having to get back up, but the best part is if your in it to really win it, than everything will just be a learning experience. 

At BP, you not only learn how to get deals done correctly, but also have an opportunity to network with other real estate investors and learn from the informative forums posted on BP everyday!

But commercial properties often get into trouble because they don't use the correct glass (e.g. failing to use tempered glass for a storefront). 

@Andrew Balogh Make sure your running your calculations correctly...I'd be glad to take a look.

Hard to get correct comps on flooded homes and they may be sitting for awhile after rehab.

you can or should throw it back on the seller to correct.. unless your getting a smoking deal or the market is so hot that they will sell it themselves.