@Brendan M Hornung If you purchased a subject-to (sub-to) rental property, filing taxes correctly is key to maximizing deductions and staying compliant.

Joe its all about NPV  and rate of return for investors.. either way your going to take a pretty big hair cut out of your equity to do what your wondering about. 

Renting to Section 8 Long-Term TenantPurchase Price = $250,000Renovation Cost =$3,800Appraised Value = $270,000Monthly Rental To Section 8 Tenant = $2,800Monthly Mortgage Payment = $2,100Monthly Reserve for Maintenance and CapEx = $200Monthly Cash-flow = $500Another investment property was closed and added to my rental portfolio.

I am not sure if I should stay local to my market.

Something to consider! 

I want to confirm that this is a temporary situation with the BOI.Previous injunctions have been overturned.

I am not going to list the good, bad and ugly for each but mention just a few things that stand out.  

I'm looking at monthly cost to seller vs. anticipated rental income, purchase price relevant to the ARV of the area and interest rate, balloon, etc.

You can be charged with wrong doing up to 10 years after you buy the property. 

As long as the wholesaler is direct with the seller and the deal is real, go for it.