new houses are getting sold for 600K, old houses switched to multiple offer selling model, just like some places in GTA.

Some have been on the market for weeks", that doesn't bode well for renting of any kind really.

I was interested in this type of deal because I was living in the area for another year and needed to build equity as well as dip my feet into the real estate market.

Quote from @Gregory Wilson: A few things there, Brendan.First, an LLC with you as a member and your (wife, son, pal, etc.) partner as a 1% member will file a Form 1065 which is about one tenth as likely to be audited by the IRS as a Form 1040 with a Schedule E rental activity (which I presume you will attempt to show is an active business).Second, you want an LLC because when your local Alabama handyman drives his girlfriend's uninsured truck into a van load of U of A medical school interns on I-22 when he goes  to get some shingles for your roof, on your business, you don't lose everything you have or ever will have to an uninsured claim. 

.: Quote from @James Jefferson: Hi, I have a family member that had a reverse mortgage on their property it's a 3b 1b 1 acre of land heats by oil no hvac and on well water.

As Jay mentioned seem like a fake lender or a broker who has no clue what they are doing.

She is well established and is recognized as one of the top investors and brokers here in the Indianapolis market. 

Work at establishing in-person relationships that will serve you well over time, not just one-and-done.

North MS is a great option as well! 

This happens all the time, usually with heirs, but it can be squatters as well.