I backed up, regrouped and went smaller to gain more experience. 

Subject To - Settle on Price, up front cash and terms - points/percentage 3.

It is up to you to accept it, ignore it, or whatever else you want to do with the fact that what you are doing is not correct.What you do with that info is up to you.Don't come here challenging me to prove it.

It is a small town, definitely a tertiary market right now, but that is where opportunity is going to be found.I think LTR, in the right location, can provide enough revenue annually to cover all holding and leverage costs while the resident pays down the principle and the demand in the city sustains slow and steady appreciation. 

Every market will vary due to labor costs. 

At death, the property gets a stepped up basis.  

I made the mistake of letting someone get in one of my first units that was a bit off the 3 times, they were great tenants very kind and enjoyed their stay and experience with me, but could not afford it when I increased the rent on them, which is something you will have to do because of rising insurance/tax costs.5.)

I think you need to find a good local agent, network with investors(local meet ups, FB groups, etc) and learn more to dial in the gameplan. 

Go to Dennis Block's FB page and sign up for his webinar Friday at 10:00.   

Clean-up costs- make sure you have sufficient coverage.D.