Surely the loan can be moved to another product that will accept this condition. 

Beach house could be harder to insure, more wear and tear weather wise(?)

The utilities will be done on the property in two weeks then drywalled shortly after, so the current condition of the property really limits my options.

I agree, they do have a lot of terms and conditions to read through.

The sellers are going through a divorce and have priced it like it is in mint condition.....so we will see.

Milton,How did you make out with the mold condition?

I want 2 Bed - 1 Baths C) Define the general area that you want to invest in - I want to purchase houses within zipcode 11101 D) Define the condition of homes you want to buy - I want to invest in homes that need a lot of work3) Talk to an agent to see if they can help fill in any of the holes in step 2.

Her asking price is top price if everything was fixed and in top condition, it is not.

I recommend taking a good look at each of the units and compare their condition/amenities to comps close by to get an accurate rental rate.For example: I purchased two 4-plex properties in N.

Many flood zones don't flood and during a major weather event, plenty areas flood that are not even close to a flood zone so it would depend on how desperate and the numbers and flood history.