@Jerry K. - Hmm, I never really thought of "foreigners" from Chicago choosing to move to Franklin County, TN! 

@Malik K., don't forget to factor in the cost of your rent in your calculation.For example, house hacking a multifamily in a desirable part of Philly might not cashflow, but is the reduction to your cost of living greater than the cashflow from an investment property in a bad part of town?

Originally posted by @Jim K.

Quote from @Chan K.: I insure a few mulifamily properties with NREIG.

You could even do an FHA 203(k) and finance the rehab.Live in it while you supervise rehab and then rent out rooms. 

Quote from @Mak K.: My understanding as a realtor agent is if the tenant signs the lease, it does not matter if landlord signs or not because tenant signing the lease is pretty much acceptance of the lease by the owner.

FHA 203(k) may be an option.2.

the only difference is that the house @ 624 k has the meter installed and he completed a boat dock (approximately 35k to build).  

Quote from @Laurence K.: @Deep RonThe website neighborhoodscout.com is good for looking at demographics, especially crime and vacancy. 

You can even use an FHA 203(k) to finance repairs into the purchase mortgage.2) Put some sweat equity into the property fixing up and renting out the units.