I would not consider spec homes yet but it is definitely a future prospect area worth more investigation.

Wherever you buy, investigate property managers prior to buying. 

There were no other major red flags and preliminary research shows the property to be in good condition and cashflowing, but it's kind of hard to verify the seller's claims without some historical data.Should I just do my analysis using known expenses, plugging in reasonable values for maintenance, capex, etc. and not worry about the actual income/expense history?

Is there anything I can do to recoup some of my time, or have someone investigate these guys and make sure they are legit and not screwing other people over.

Since the underwriting guidlines "suggest" that the last sale be investigated and considered, I'd have to say (as much as I hate to say it) that the request is valid to conduct what has been established as prudent lending requirements.

Some states, counties, cities have weird water collection laws on the books which is why you have to investigate all of these types of things before buying.If you know the area is separately metered and tenants are used to it then I would pay for the separate meters and go that route.

I would hire an investigator to do a background check on any contractor before working with them, especially in FL, and especially if I can't oversee their work every day.

Check out the ad http://detroit.craigslist.org/mcb/apa/4161719360.htmlI alerted the local news channel to see if they wanted to investigate and bust them.

They will make you get an Uninsured Deed Affidavit notarized by a different notary than the one that notarized the grant deed.Title companies will generate you a preliminary title report for free (they only charge once they insure you).

You have to become an investigator sometimes and look through each individual record for clues as to who holds the property, it can be a long process but I have found some good leads this way.I also suggested finding out who is paying the property taxes.