If it's worth anywhere near $1M, ordinarily that's not going to be a positive cash flowing rental property.

Ordinarily I would, but the timing was bad for me with respect to being able to finance it.

Not a horrible deal on it's face... until you found out that it had an open lien of $69,600 that would ordinarily be covered by Title Insurance, but since bought at auction it absolves Title of their obligation.

As a result they are not a very effective collection tool for creditors.Example: The collection agency obtains a charging order from a court ordering the Acme LLC to pay to it any distributions of money or property the LLC would ordinarily make to John until the entire $38,000 judgment is paid.

Likewise, in NC there are some higher priced markets like Charlotte and Raleigh which look great but the Triad offered a reasonable entry point with (ordinarily) good inventory and a diverse and growing economy.

Ordinarily the security deposits are your money to cover any damages that may have occurred during tenancy.

Correct, as long as you sell within 3 years of “moving out” the cap gains ($50k) is exempt and the depreciation is taxed as ordinarily income, up to 25% max.

Ordinarily it would all be taxable but because you qualify for the 121 exemption that $500K will be tax free leaving the remaining $500K as the only boot you'll pay tax on.Why not use the $600K to purchase one property for $500K cash and one property for $500K using $100K down. 

Ordinarily I would include an allowance within my number to be drawn against for this, so that the client isn’t surprised, but having to do substrate repair after the tear off which wasn’t expected is not uncommon

The principal portion is ordinarily added to the basis of the property and depreciated.