If it will cost you considerably more in the future and loss of appreciation, lose of tax writeoffs and lose of cash flow in the meanwhile, than the amount of debt you are paying off, how does that put you ahead? 

You are way ahead of 99% of real estate investors for the age of 23.

However, I have not built my team yet (real estate agent, lender, property manager), and I’m not sure about owning a property I cannot visit and monitor myself, given my inexperience as an investor.Economic Outlook: I’m a bit concerned about the economic outlook but can hold onto the property even with lower rent.My Questions:1- Should I sell the property now and look for better deals, considering the declining market trends and my decreasing cash flow?

Hi Magda..haven't visited Myrtle Beach in a years, but kicking myself for not investing when I initially had the inclination.

Purchase price: $194,500 Cash invested: $51,000 When we talk about long term rentals the goal is to buy something that people are going to live in 3-5 years with the ability to raise rent over time ahead of insurance, taxes and inflation.

if you are going to do the court house steps deal - be sure you can settle.Alternative:view the property well in advance of the auctionfind the owner - find out their problemstry to solve the problem before the foreclosurestop the foreclosurebe careful of foreclosures laws in your areatry to CONTROL AND ROLL the property using an auctionfind better deals - too many issues with F/C buildingsthere are easier better deals everywherewhat you want to do can be done - but start early - find them in the court house before they are publicized - get a head-start on the competition. 

I would have everything outlined ahead of time in a written contract.

You could visit the idea of student housing in university area of Charlotte with a SFH and rent by the room. 

Purchase price: $212,500 Cash invested: $50,000 When we talk about long term rentals the goal is to buy something that people are going to live in 3-5 years with the ability to raise rent over time ahead of insurance, taxes and inflation.

We have her money in a high interest account making almost 5 %, but with the recent string of bank failures, were thinking it's better to go ahead and get that into property instead.