The other thing one needs to understand is the laws in the state about this acitivty of talking to Owner Occ's in foreclosure some states you need to be a licensed Foreclosure agent.

understand the 50% rule

You have to really understand your funnel and market segment as well as execute extremely well for this to work.

You MUST understand this as the suburbs are usually much nicer than the city.All of these challenges are why we have a map of Metro Detroit on our website with the cities in Macomb, Oakland and Wayne Counties listed, as well as 183 Neighborhoods in Detroit.The majority of the 48235 zip code is Class C, the question is, do you understand what that means?

There are alot of risks using your heloc and you need to understand how you will make the monthly payments for the heloc AND how you plan to pay off the principle of the heloc.

Make sure you and your mortgage provider understand "delayed financing".

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Market, Budget, and time commitment are important to understand before you commit. 

I understand that the tenants will paying me money that i will put towards paying off the house but it just seems like so much could go wrong.

So I understand, you are charging the tenants a $145 invoice because the plumber was unable to find anything wrong with the garbage disposal.