I had one client who was going to use it to purchase an STR but decided to wait a few months (he ran into some huge expenses with another rental capex stuff)

Then you'll have to supply a lot of expensive wood for that fireplace and the outside fire pit. 

The rental should be paid off in about 3 years.

If not paid by then, go to courthouse in that precint and iniate an eviction suit.

This includes all charges paid, utility accounts set up, renter's insurance established, lease signed, etc.

Second pro is that you get to lower your living expenses or live "rent free" by having your tenants pay for your mortgage payment.

.- Collect Tax Certificate to verify Property Taxes are Paid- Get a current statement from the seller to verify the existing balance, if they are delinquent, you can get the bank on the phone to verify the amount to make the loan current.- Review the loan documents, there is most likely a due on sale clause, which is why you won't find a title company to process these for you.

They're expensive, but I know several people who have gone thru each program and become what I think are successful investors, moreso than other programs. 

It was a long and expensive journey, but eventually, we won the court battle and were able to move them out.After they were gone, we cleaned up the house and decided to list it as-is instead of flipping it.

Any leftover gain is taxable.The $150K left after paying off expenses isn't directly taxed.