The current owner bought it for $30K and I know they had to clean up a lot of title work and started doing repairs. 

It's a lot of owner-occupants and those areas usually have investors investing in them because they are stable with access to the best tenants.

The #1 reason that landlords fail is due to failure to manage to the lease (Source: American Apartment Owners' Assn). 

I like the idea of no pets and that is decent income (depending on what the rents are).

If you google the Wyoming address it is an attorney's address who specializes in setting these companies up and is a mail forwarding service not a "real" office with staff, owners etc.In the one investment document I read, your investment would be in a construction company with no assets and secured only by a UCC filing.  

The idea behind the expansion would be to make the property more profitable for two owners and to always have enough units for the owners’ to be able to enjoy the property without having to disrupt the rental business.

so those owners are pretty comfortable - no mortgage payment - and they don't need to sell, and they don't care where an investor "needs" the price to be to make money. 

If it's zero, put in a zero, line through it, or something.If you don't use a manager, line through the entire clause and then you and the renter should initial the beginning and end of the line as proof it was agreed to.NHG  (D) As used in this Lease, Landlord’s “Authorized Management Agent” means ______________________________, address:___________________________,who is also authorized to act on behalf of Owner for the purpose of Service of Process and accepting Notices  NHGYes, you would check the line next to the form(s) of payment you accept.

Mordechai ChaimovitzTwo-unit owner-occupied falls into an odd category, really any 2-4 unit with a nice owner's unit for that matter.

California is the only state that has essentially put a rent control type of restriction on home owner insurance premiums.