Instead, the income (or potential income) of the property would be used for qualification.

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At least this next potential home is only a single story so I cant fall as far. 

This could be a great way to get started as you'll be at the property everyday and by living in the property not only will you be there firsthand to oversee the work being done, but you may also find new potential issues while living there.If you're looking to do this, I'd recommend a 203k loan to purchase the property and get some rehab funds. you'll just need to live in the property for a year before being able to lease it out to a tenant.

@Catherine Javier If you find the property is more of a liability to you and ultimately decide to sell, the 1031 exchange would probably be the best way to take advantage of using the tax and find something with a greater growth potential.

You would want to know if anything was ever built on the land (maybe a house burned down) because if there was a house then you would have potentially buried septic or oil.Buying and holding a lot for the future with topographical issues is only worth it if the price is negligible IMO.

Look for properties with low taxes, separate utilities, strong demand, and potential for rent increases.

Consider what questions the potential mentor may ask and how you would answer.

We still see 1% deals here that bring positive cash flow and have potential for appreciation. 

You can use Airdna & other STR estimator tools to get data on potential income/vacancy based on your location and property size.