We both have excellent full time jobs, and the rental income is steady and can easily handle a large mortgage or investor payment.

Metro Atlanta is a huge market and you could easily put triple the amount of miles on your vehicle than the average commuter.

You are right on the downside, and wrong on the upside.Expenses could easily exceed 50%.But fully costed expenses are never going to be 20%.  

I would say don't mind the agents instead seek your own due diligence every area has great potential but as far as flipping it needs to be an area of demand with people moving in and buying houses so you can easily flip and not be stuck carrying  a property loosing profit 

I think the reason for that is that I will not invest in an area that you can add to inventory easily and there's a long term high demand to live in that area.  

Mold can easily grow in a very short amount of time.

What I am trying to put together is a "summary" section that identifies common rules of thumb so others can more easily analyze the deal.

In addition to filtering in Listsource for a Last Market Sale Date of 3-6 months, you can also filter for only those with 100% equity.

a foreclosure will often clean up the title allowing the mortgage holder to sell it more easily.

This would easily be picked up under the automatic insured provision for a trust on a commercial general liability policy.