It's simply about finding the right deal...As for REO's, you will be pressed to find any in the 80K market unless it is in the lower income neighborhoods.

@Joe Fairless, sorry I accidentally missed you.  

You will be hard pressed to find many 1% properties unless.they are condos, and in that case, the HOA dues will cut in deeply even to the 1%..

That's not enough of a penalty to create an incentive for complying, especially compared to the liability to the lender of accidentally providing loan info to someone other than the borrower.

Most of my available funds are tied up in this project.The house is in a pretty bad part of town, but has gotten a lot of press that it is turning the corner....warehouses converted into artists' studios, a brewery, and pubs and more upscale restaurants are now there.  

@Jay HinrichsThere is no such thing as bad press, right??

Realistically though, i would not give too much value as on resale you will be hard pressed to get maximum value on all thatI think if you paid 385 for this think that would be a big mistake.

Most small absentee owners are accidental landlords and aren't interested in buying.  

My buddy recently taught me about grinding your own coffee beans and using a french press, GAME CHANGER!

As a newbie there is soo much paperwork in the process that I feel like it would be easier to buy a house through a realtor, than to do it myself and accidentally forget something or forget a clause in the contract, let alone figure out which clauses to include.