There is usually specific description of when a property can be considered abandoned and what documentation you have to have.

Most helpful as usual.

They paid the couple 50k and pocketed 10k....much higher than even the standard 10% commission that lots command (but buyers actually fixed up the trailer and now live there so 6% is usual).  

The underwriting is usually less complex and closing can happen sometimes in a week.

Most private lenders limit to four rentals per building for commerical, but usually can make an exception if a borrower has a proven track record of rental properties.

People usually become landlords out of state because they live in an undesirable area.  

I want to cringe every time I say it and that is usually the end of the conversation with what I do for a living.

I did a calculation similar to yours and saw the same numbers. 1 unit is 1100 sq ft. 2B 1Bth (potentially may add a 3rd bedroom).2 unit is 2000 sq ft 3B 2 BthFrom my research and understanding of the market dynamics - Boston homes usually rent is by room. 1 room ~1.3-1.5K.

Structural issues can be costly, and usually require a structural engineer to be involved in some capacity.Don't bite off more than you can chew on your first deal. 

Even though REOs are usually sold as-is the seller will still consider credits if you find non-obvious problems.