@Jonathan Smith - It means the bank foreclosed and now owns the property - known as a foreclosure or an "REO", for Real Estate Owned (by the bank).These often sit for several months while the bank works through its red tape and makes sure the title is clear, and then they are almost always listed on the MLS with a realtor when they are ready for sale.

Initials: _______Tenant agrees to pay for clearing the sewer drains of the Premises of any and all stoppages, except for those stoppages which the Landlord will agree were caused by defective plumbing, tree roots, acts of nature, or which are declared in writing to have been so caused by the plumber or other person who is called to clear the stoppage.

Here is a link to a page with some of the more common red flags for lender scams. 

@Nick Redding so let me see if I am understanding this correctly - On your primary residence, you pay $3,998 approx and on your investment property you pay $8,025?

Major red flags here....

We started a business and it has really stretched us thin until we get out of the red.

That's not a bad neighborhood at all, although being right on Red Bridge is probably the least desirable part of the neighborhood.  

When they show up late, don't make eye contact, don't shake hands, accept the place without seeing it, are ratty, smell of smoke or alcohol, begin telling me dramatic stories of current landlord troubles, mold and such or some other red flag - guess what?   

Hi Chi, the legal address vs. physical unit discrepancy is a big red flag.  

Always knew that some FHA's don't qualify but was curious to what were most of the root causes.