A title search should uncover anything like this. 

I know that finding reliable contractors and uncovering potential issues with rentals will be a bit of an uphill battle for me at first so I plan to not be too overzealous. :)

Your last example, where the FSBO had an offer then decided to go ERTS with the agent not producing sounds flawed.  

Are there any flaws in this plan or is there a better strategy based on the information I've shared?

Also, the agent should have attempted to meet the BPO agent and provide low comps, as well as to point out property and neighborhood flaws (nothing personal regarding how you've maintained the property, you just want to get a low BPO to facilitate the bank agreeing to the short sale).

In the event it is uncovered that a Fannie Mae broker is a party to any such prohibited conduct, the broker may be subject to termination and the case may be reported to the agency responsible for investigating and prosecuting such cases.ACTION!

But if the home is incredibly old and contains cloth wiring or shabby building opening things could uncover more than u bargain for.

All this talk about cash flow is flawed in many ways if you are buying retail pricing (turnkey providers).

Unless this property is located in the path of development (ie. future for it is not as a MHP but as another Class A use after being sold for a premium for the land value), then the major flaw I see here before all else is your choice of using a 10 CAP!

The more digging you do the more prepared you'll be and a lot of times, the more digging you do, the more seriously the sellers and broker will take you and the more of a chance you'll have of negotiating a better price (because of uncovering something unsavory).