Newbie from Michigan! I've contracted the REI bug!

[Dennis J Marsack]

Hello all! 

Greetings from Port Huron Michigan! My fiance recently talked me into going to some real estate seminars locally and I have been hooked ever since! Turns out the seminars were nothing more than high pressure sales pitches promising over night success and riches beyond belief. They were very persuasive but in the end my gut feelings won out and luckily we did not purchase the $30k mentoring program! So glad we didn't! None the less it got me hooked! Trying to find and figure out that first deal has been all consuming for like the last month. I've been reading, researching and scouring the neighborhood every free chance I get! A friend turned me on to BP and I gotta give it up to Josh Dorkin! The info I've learned in just the last few days is priceless!! At this point I think our ultimate focus is going to be on rental properties, however wholesaling is triggering my curiosity is well. Mainly because I'm stretched pretty thin on extra cash! At any rate, I've been driving around looking for distressed properties, and yesterday I started searching public tax records to find homes with delinquent taxes. Today I came across a house (right down the street from where I live) that the owner is about $3000 behind on taxes. It looks like she's been struggling the last few years. She bought the home from HUD in 2011 for $10,500. It's a 4 bd 1.5 bth. and is most likely worth $75 -$90k as it sits. Good neighborhood close to the beach. My question is, it was purchased on a covenant deed... I'm sure that means there are restrictions on what she can do with the property.. should I pursue this lead or let it lie? Anyways thanks for reading and any advice is greatly appreciated!