@Jeb Brilliant  by and large C class investments or lower are best left to the locals who can handle them.there is a reason that you sitting in CA would get a look at this property.

If Thomas were to default on the CMBS loan the old owner and now junior lienholder would have the right to reinstate the senior debt to protect his interest and foreclose Thomas out.If you think about it, it's somewhat of a brilliant strategy on behalf of the seller. 

This differs for many.) but enough to make a reasonable offer given my local market AND if I think it worth it to me as a buy and hold investor.I think that's just brilliant!

Account Closed : I have never considered your idea and think it's brilliant.

Even brilliant people make foolish mistakes.

Today the Oracle of Omaha is seen as naked - a "brilliant" businessman with $2B in cash and $1T in liabilities in his largest "investment" known as AIG....

Aloma,    Thanks for the brilliant post.  

@Jeb Brilliant  this is a very easy answer.virtually any big city in the mid west rust belt.. you can buy 20k houses and they are interchangeable. 

Staying small, uncomplicated and inexpensive in the beginning would be best, as is obvious.  

@Mason Marin,Great goals, and you have a great head on your shoulders, staying at home while you save money for a down payment on a couple of properties is brilliant!