While I can't speak for Cleveland, here in Kansas City the $15,000 neighborhoods just have vacant lots with a few houses here and there, there are no jobs in the area, no amenities in the area, the schools are horrible  . . . while that $15,000 could be spent on a down payment a few miles a way in South Kansas City, Raytown, Independence on a $50,000 to $80,000 house and you may not get the same returns on paper as the $`15,000 house, but you have less back end expenses, tenants who have jobs and the desire to feed their kids good food and send their kids to better schools and more occupied houses . . .less vacant lots, so less breakins and theft.Move up on that price range to  an $80,000 to $120,000 neighborhood and you can do even better.  

I'm not a baltimore investor but learned enough to know that the cashflow proforma can be exciting on paper, but be a totally different beast in reality if you can't collect rent or have to do it in a very hands on manner.

The construction method was to roll tar paper & pitch. 

If you file in court eviction papers dated 9/6/16 for example and have a 5 days notice dated after that date you are toast in front of the judge.

Right, I am looking to file the paper work to foreclose on a property where I hold the note.

I know of many "Millionaires" (on paper) that lost it all in the last recession because they had TOOOOO MUCH DEBT on their properties. 

I ran the numbers by hand on a sheet of paper, now i want to double check it with the calculator.

What I would do is remove the vanity, toilet and the tile wall up to the shower and all the wall paper.

Some landlords start eviction papers right away.

gotcha... although if you just hand in the keys your walking from your downpayment and whatever cash you have in it.your sense are correct all these folks singing on massive debt with 5 year calls are taking a certain amount of risk.. just need to look back to 08 09 when no one could refi and all these properties changed hands.. it was not because of poor operators basically it was frozen credit and banks not relenting or walls st.. hedgefund bought said notes from failed banks and refused to rewrite and took the assets.. since they paid pennies on the dollar for the paper.. foreclosing and reselling was still a better play for them..