Bulldozed the house and plan to build a new house on lot in the future Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Be careful that you may be saving a few dollars in the short run by not using a professional. 

Similarly, if you are you a medical professional with strong connections at the local hospital, then target properties (and their owners) that would attract medical travelers.

Readers should seek professional advice.

You may need to guide or provide these types of photos as things you want your professional photographer to succeed. 1.

When you learn to partner with professionals who are well-versed in this segment, most distressed property transactions are quite straightforward.Myth 5: Distressed Properties Are Not Obtainable with FinancingThere is this perception that distressed properties are cash-type deals.

However, this has to be the primary residence of everyone on title in order to qualify and even if that were all true, we're still only up to $1M that way.I agree with the other commenters, the parents should continue to own it and live in it as their primary, leave it to the daughter when they pass, and she inherits it at the stepped up cost basis. 

I'm curious as what y'all consider to be the minimum criteria for approving a tenant, assuming you don't have access to professional tools.

My wife and I have different appetites for real estate investing and have not found a professional that can help us work together to understand the key questions we should be asking ourselves and help us sort through all of the options.

One downside to not having a 20% equity hold, per my attorney in Illinois, in the event we miss a payment (we haven't and hopefully never will) the owner is able to actually use the eviction process rather than a true foreclosure.