The challenge is that once we sell it as a fixer-upper the sale price, as you mentioned, goes WAY down because of other properties in the area with the same issue.

I'd love to hear how others would approach it. 

No Action though.I think its just taking the step by step approach. 

not quite sure the best approach to take.Piggy backing on the last question, when figuring out what to offer, what numbers should I look at before deciding what that price should be?

Would appreciate advice or discussions on the best approach for:1. legal structure for purchasing properties under2.

You might face a similar challenge here after awhile.

That's not a bad approach, either.Really though, you should be thinking about strategies to find and buy properties that are off-market.

@Thomas Condon and @David Morgan There are many questions to be asked and directions to approach this and to take this for a simple answer.

(Before the auction)Location: Bayou City Event Center 9401 Knight Road, Houston, TX 77045The Harris County Engineering Department and City of Houston Floodplain Management Office will be offering a short presentation to assist bidders in understanding potential issues with sites located within the floodplain.If you are unsure of the potential challenges that go along with purchasing property in the floodplain, come to this informative session to get answers.The presentation will be followed by a Question and Answer period.Topics include: How to Determine the Floodplain Status of a PropertyWhat Jurisdiction the Property Lies WithinFloodplain Management Rules for Unincorporated Harris County

Do you have an eventual exit approach?