Tired of throwing away money in rent, I moved back to my tiny hometown and purchased a foreclosure property in need of major TLC.

From some other landlords I've spoken with, just make sure all your paperwork is in order, or the judge will throw it out and you have to start over. 

Another option would be to throw it in his 401(k) and take a loan against his 401(k) to purchase investments to offset the passive income. 

Different areas, properties, and many other things can throw those numbers out of whack.  

Gas furnace/water heat for SFH's.I throw all that out here to ask what you feel makes sense?

Can you throw a wardrobe in the spare room and call it a closet?

@Zach Hubert-Allen, I'm going to throw in another vote for The BiggerPockets Podcast.

Despite that setup, the HOA has been having financial issues for many years mainly due to a high HOA fee (due to land lease) and dis-interested owners (both old and new) in throwing more money at it.  

Search for other local wholesalers on BP and throw them a kickback for access to their buyers list.

I would suggest that you interview several Realtors and ask them the following questions, to ascertain if they are truly Investor Friendly, or if they are throwing you a sales pitch.1.