Firstly. I am not a Lawyer, Real Estate anything, and stayed in my own darn bed last night so forget about the Holiday Inn Express bit. This means I am unreliable so ignore me as you will. If you do not personally know the current 'rent to own'ers contact their neighbors and request information on how their houses are holding up. Build quality of the neighborhood and if corners were cut, things just done inproperly if this is a housing development. I hate to say it, but big builders often cut corners. Especially with a construction background look for them.
Leins on the property. This will be found by the closing attourney, but good to know about. Special case things like drainage (does water flow away from the house?), Septic and well, water softeners or other specialty equipment, and do take the above advice about the land type for what you can do with it. Also consider if it is part of a HOA or if there are any other things that may obstruct your from being able to brew outdoors, or do with you house what you want (this is personal preference, but I am not a HOA fan).
Put as much down as you can and pay off more per month if possible, especially at the beginning. This will save you much money in the long run as most loans you spend more on interest and less on principal. Keep a couple months worth of payment in the bank just in case excrement hits the air dispursal device. Banks tend to frown on non-payment. Home inspectors are not a bad idea, if you hire one, follow them through the inspection and ask intelligent questions. Use buzz words even if you do not understand. Express concerns with things like the foundation, cracks, etc. Look for water damage, especially in bathrooms and below them as well as in the attic. Also look for signs of recent renovation work and ask about it. This can tip you off to inate problems with the house and attempts to cover them up. Be suspicious.
I am not going to touch the debate about real estate agents. They can be either an asset or a detriment.
Just re-read the thread. So you know the current owner. Do you trust her? Think of her personality and if she is the type to fix things promptly and maintain.
