Maybe it'll work out for you but having negative cash flow bugs me even though my wife and I can afford it. 

That may make a little more sense *if* the rates work out, etc. 

I was wondering how this would all work out there are going to be people out of work for extended amount of time and as we know most renters miss one week of work and they are broke.My other big thing I am wondering @Greg H. is how the lenders are going to handle the owners who get wiped out have no insurance and walk away from the property.. knowing how aggressive Texas lenders can be with deficiency judgments on mortgage defaults..

Bidding wars are routine and it seems like the good deals come and go within days.I'm looking for a couple of things:1.  

Our numbers dont work out until about $500K is it unheard of to go in at such a lower offer?

I also plan to do this just on a deal by deal basis, at least at first, so that if things don't work out, I can take my money elsewhere.

It stands out, people who need an agent will ask about it, and people you see routinely will remember that you're an agent when they need one. #3.

It will work out

When I work out the numbers, especially for option 2, this seems to be a pretty bad property to keep as a rental in terms to cash flow.

@Tiffany Allen if it doesn't work out I would use the BP list of hard money lenders.