If you plan to purchase a rent ready property off the MLS to LTR the entire property, it will be a while before it produces a positive return. 

He said he was looking for a 6-7 year plan, so it taking years is expected.

So plan on that as well.

My plan is to buy a small multifamily property and househack.

When you get your fourth SFR, trade up to a bigger deal with the equity accrued. 

On either side of a 1031 exchange, the property must have intended to be held for a productive use in a trade or business.

Although I plan on having a title company run a title search and run and O&E report on any property I plan to bid on, I've still spent a lot of time understanding the typical foreclosure property due diligence- looking up the owner and property details on the PA site, looking up the various public records, liens, etc. and trying to understand the chain of title as much as possible.

It took us four months (or so) to complete the strategy planning.

Analytics, research and reporting are centric to developing comprehensive project plans for each investment.Profit.

@Bryant Brislin I plan to take over payments, facilitate the home going on open market and pay off the remaining balance of the loan.