What's a good price for a two house lot in the "hot" areas? 

FLIP in that market when it get's HOT!  

Depending on which sandbox you want to play in...it's a hot market out there right now...gotta try to find the sandbox where there's fewer people playing.

"Luxury" apartments, if you will...And on top of all that, the market in Atlanta is extremely hot right now.

The insanely hot and crazy local Seattle market has driven me to look farther north / south for more sanely priced holdings.

Very few homes had tile roofs that are the norm for middle of the road and up homes where I live.It can't be because of the heat because in the Central valley it gets hot here.

Just seeing the market getting hot again is making me want to hold on to some properties also.

I think that tennessee area is a bit of an outlier along with some of the coastal areas and other hot areas.  2 Days on Market (and I'm guessing that was not a typo) is crazy. :-)In terms of whether the property history affects my decision  to buy, I'm assuming you mean my methodology for putting in offer.For me, I will rarely put in a significantly low ball offer if a house has only been on the market less than 2 months.

Almost always, the listing agent is going to stay strong to the list price, but also depends on market conditions - most everything is hot right now.  

One is 10% exposure or more and one is 100%.If the seller did not want to 1031 exchange into something else but pay taxes in small chunks then having the seller hold the primary note might make sense as they pay small taxes over time.You really have to find out what the sellers HOT buttons are and see if you can come to an agreement.