So, as to attorneys attempting to find loopholes or these open doors, their approach may not recognize the powers of federal agencies thinking they may be facing a circuit court or federal court prosecutor, that may not be the case.Point is, running down to a real estate attorney not versed in HUD regulatory authority (or other agencies) may not fly as initially expected.

That said, here's something that one of our BP Blog Author's, Dave Shafer, wrote this morning, worth a read -- What I Saw at the Boston Marathon

I also recognize your return target is not known nor is the property cash flow stability or upside.

My point is you should at least recognize that is what you are doing.

If both properties are in the same county or taxing authority and you have personal property taxes, that can be an issue.

Yes, as long as someone has authority to sell the property.  

Do you think that your state’s licensing authority will look kindly on that - especially if you build a business out of it?

My ADA experience is through the hosuing authority and non-profits.

However I would expect to offer more than you are getting, because I recognize that it has to be a good deal for the credit partner or they won't do the deal. good luck - Ned

I would head over there in person, get a contract and authorization letter signed and let the seller know that you will contact the mortgage company yourself and get the financial details.Try to never stress the seller out.