But the internet is spread full of warnings, it’s enough to make investors not even investigate further, which is a shame, because I think there are serious opportunities in the US – especially compared to Australia (in terms of price and returns).

I'm a buy-and-hold guy, but not that experienced...I did some brief investigation of the main Texas markets and I can't say I was very impressed.

You will need to investigate what Mortgage Products are available, for Investment Properties, that will allow you to refinance at a fixed rate and give you a fully amortized schedule.

I guess you still have time to investigate the property within the first 3 days before ordering inspection,etc.

Somewhat of concern is that the last time it was sold was in march and then it went right back on the market...no further investigation into that yet.1.)For those who invest in the area what advice would you give?  

Seems like you might want to investigate other means of identifying distressed properties and distressed sellers (look into acquiring lists, perhaps?  

I am currently a hands on investor in my local community however I am starting to investigate out-of-state investment space.

Headining off saying I just do Sub-2s or Land Contracts can lead to problems down the road.So, in your investigations here, I suggest you look at the options and then concentrate on what fits rathetr than trying to make your deal fit a particular installment purchase startegy.

http://www.wsvn.com/features/articles/investigations/MI131673/

Property looks good to me but after reading few post here, I am convinced to hire to investigate the property.