Many home purchases are being made on homes in foreclosure, and homes being sold in "as is" condition, it's important to use an inspector who knows what to focus on for these inspections.

  Getting a realistic picture of the homes condition, finding out what can be saved and what has to go, seeing the home through a truly impartial viewpoint is essential.

  You must know all the major defects up front, because there will be no recourse once your purchase has been finalized. I've been there, done that many times, and this inspection usually takes longer due to the homes condition and the need for inspection outside the normal inspection procedures.
 
 
  Even when planning a complete gut, there can be some nasty surprises for investors that an Inspector with experience can catch. On this type of specialized inspection, little things like not checking for an original layer of old floor tile under a worn floor you plan to remove anyway, can lead to a fifteen thousand dollar asbestos remediation bill.

  There is usually no disclosure statement and thus the report takes longer as it often involves more research and possibly several calls calls regarding subsystems. As some services may be turned off, this limits the inspection of major systems, the very things you want to know about.

  In my experience there is often a second trip necessary to the site to confirm data plate information as well as to inspect systems that may have been turned off on the first trip.

After taking on 14 home projects a 7 unit townhouse and a fiveplex over the years, one thing I can say for certain, being successful at investing in these types of projects depends to a large extent on the quality and completeness of the information you have before you make the commitment to take on the project.