This subject comes up on a regular basis. And, once again here a few important points.

1)Establish the water line. It must be below the seats. If you can't firmly determine that, (on both sides and on each end of the vehicle) then walk away.

2)No salt water vehicles. None. Never. At all.

3)Try to determine the amount of mold and your tolerance of it. There will always be mold. It is just a matter of how much, what kind and will it affect you.

4)Unless you are very brave, make sure the vehicle starts and the electronics work. Now some flood designated vehicles are actually vehicles that were driven into water fast enough for the engine to suck water into the intake and hydro-lock without the vehicle actually being under water. Under certain circumstances, those can be good bargains.

5)Make sure you have the time, work space and budget for the surprises that will probably come.

6)Don't buy for profit, buy for personal use.

7)Thoroughly research your state's titling laws regarding these vehicles. Also check on the insurance and financing. It varies greatly.

8)Stay practical and don't get emotionally connected to any one unit.

There's more, but that should be enough for a start. A water car can be a very good buy and I always encourage people to look into it. But frankly, very few are really worth considering.