Since it is kind of a seller's market right now you probably should be patient and wait for the economy conforms more towards an investor.But when you do, stayas close as you can near downtown Houston and know the market you select well.  

It is true that you would need to fix any health or safety issues or VA/FHA loan wont work.

It is wonderful to see their minds thinking of the possibilities and get excited about the future and I would hate to see it come to a halt due to lack of funding but the reality is that we all have to be patient if there are things we really want in this world.  

One of the requirements to do a short term rental of my condo unit in Miami Beach is to have my balcony inspected for safety.  

It's important to remember that when you see the sky high prices in NYC, SF, LA, Miami, Boston, etc they are being completely distorted by the fact that these are global markets that are benefiting from a global flight to safety.  

Making money for other people is the mindset you must adopt.  3) Be patient. 

I've done a change from apartment to motel, it IS/WAS a tenant improvement project as per building and safety.

Be patient!!!

Their investment strategy is not going to give them much return or piece of mind in its safety. 

Just be patient and revisit this in a month or so when the seller comes to grips with his situation.