HOA wrote to me that they hired 3 fence vendors to thoroughly investigate and extensively analyze the issues.

Property was built in 2013, taxes as of 2014 and 2015 were $3,582     I will need to investigate how it will change Insurance costs?

You are right that it is best to investigate what programs exist.

One wrong move and your entire life comes crashing down.This sounds like a deal worth investigating, but not for you.

@Mike McCarthy I have investigated and went to the property.

However if you see one or more major issues it will probably be worth it to investigate further. 

Further investigation revealed that ######## is not licensed to do business in the State of Texas, and ######### is apparently a disbarred attorney.######### is engaging counsel to look into this for us, and title issues that may be uncovered to protect our investment. 

@Aaron Smith,This is definitely a pretty specific scenario, and I think the Appraisals issue (and finding a Lender that won't require them) will actually be the biggest deal breaker.However, I don't think I'd let that stop you from investigating a specific Lender's options, since even if the properties will appraise for well under their fair-market ARV, a Private Hard Money Lender might be willing to work with you.We've even seen deals in hot markets get funded at >100% of the Purchase Price or As Is Value, based on a higher ARV & knowledgeable Borrower that still inspire confidence in everyone seeing a healthy profit.Your biggest assets will be the free & clear properties, and the existing rental income.The biggest potential issue I could see would be if your existing debts will require too much to pay off with the new Blanket Portfolio Loan, that you end up with not much cash-in-hand after paying everything else off.It's an interesting question & scenario, so I'm happy to discuss further.

Questions for the Forum:1) Are there any major pitfalls I need to further investigate or be aware of?

While I am not a fan of entering into a deal then backing out and suing, some of your claims need investigating.