One thing I would add here is to check prior landlord references, not just from their current one.

Make sure you check the local ordinances / zoning and talk to the local administrator to see if you can do what you are planning.

If you are set on closing under your personal name, you definitely want to check with your lender on that during the initial fact-finding stage. 

You need to step out of your box and check out other markets where you can buy a home and flip it for 150K.I have a flip right now that my partners and I are in for 200K in Chattanooga,TN. 

Invest in as long as it takes you to write a check, do a wire transfer, or even an online bill pay4.

. - and then just check in on it.

@Zen Lenon, I'm not dealing with HOA's at scale but I agree that MTR owners need to check their HOA rules to make sure the strategy works for them.

First, you’ll want to bring in a licensed contractor or architect to check out the kitchen and bathroom.

Just make sure you use a very honest agent that doesn't sugar coat anything and check the crime statistics and household income.

Just be sure to check property taxes, insurance costs, and the local rental market before buying.