Proper due diligence is a matter of preserving your capital and mitigating your risk in an asset class you do not really know much about.  

If so, see how much security you can get out of him and go from there.If the money is there and the guy has no credit, if he really wants the place maybe you can get 1.5 or 2 months security to mitigate your risk.

I could not mitigate my risk if I don't perform, or if my partner does not perform.

If these costs become such a significant burden to a lender, it's their responsibility to develop processes that mitigate them.

Our main concern is the risk to us and what we can do to mitigate that risk.

As others have mentioned IF you have a close relationship with a broker, that could mitigate that somewhat, but its unlikely that a broker is going to want to spend hours and hours lurking around the mls just to fish for info for you, unless maybe you're someone that's buying and selling TONS of properties and thus getting them tons of commissions.

I might be able to buy 3 SFR's for that investment and MAYBE get half as much in monthly rents.You also get risk mitigation with multi's.

I was formerly with Armada Real Estate but they chose to become a ReMax brokerage and it wasn't a good fit for me.Meanwhile, pertinent to your original questions, there is legislation moving forward (I hope) that should help a lot to mitigate the flood insurance dilemma that many of us were facing.http://www.insurancejournal.com/news/national/2014/03/04/322194.htmLets see if the senate approves this.

You will probably need to speak to a supervisor or upper management in loss mitigation.

The intent of this article is to provide our mortgage community with a guide, if you will, as how to mitigate and truly discern if the entity you are speaking to is truly a REAL lender.