However, where utilities are combined there is no easy way to estimate the cost because there are too many factors at play.

If you buy now and in 5 years have $50k to play with, buy another property.  

I have about 10-15k to play with which should be enough to cover closing costs and have a small bit in reserve If I can't find a Tennant.

The college girls are very sweet. 2 play sports on scholarship and work and have told me they pay their own way with their scholarship money, loans, work etc and have good references from previous landlord and credit score. 

Too many new investors playing with fire and they end up getting burnt bad.. 

Het @Matt Wujek, I appreciate your pragmatic approach to everything.First, if you haven't done so yet.

I don't see how a closing attorney has any liability in closing these deals unless their underwriter specifically forbids them and wont write title insuranceWill be interesting to see how it all plays out I think I will call the closing attorney I know well and has closed my new builds in Charleston and get his take on it..

Basically - any legal filings that come into play during that redemption period could cost you the house - but you wouldn't lose your money as long as you didn't default on your obligations to the court / auction.In Florida there is no inspections of foreclosed properties.  

We are of the mindset that this is the best play because it takes some risk out of taking the plunge. 

I'm the youngest in the group (by 20+ years) and my inexperience in real estate transactions is combated by my ambition and ability to work with numbers (this is where my job as a credit analyst comes into play).