I'm not sure if the program is still going on, but has definitely revitalized a lot of the area when it was once destined to follow the way of other older cities that are aging out of existence both in terms of people and property. 

I work with agents who know my buying criteria, and they bring deals to me before they hit the public market.

I'll hit the phones!

DIL is a slightly lesser hit than a foreclosure and you wont get a new loan for several years after. 

All the people I know who bought there did it for lifestyle.

Or is it calculated daily and the base rent increases after 10 days when the late fee hits the account?

@Ryan Fox - It's pretty unpredictable in my opinion, but I'm sure there are people way smarter than me that can better see/predict what's coming down the pike.  

The only other option I see is a short sale, if you don't need to purchase for a few years and don't mind a temporary credit hit to save the $60k.  

You have to tell people if a toy is broken, missing pieces, or might explode when played with.

@Tori Rhodes faster ways to scale:Buy a portfolio from another investor- Get seller financing from a savvy one that doesn't want capital gains hit!