My strategy is to exit in 3 years.Based on my calculations, it will generate 3.7% cash-on-cash return in the first year (with an aggressive expense estimates) - I am betting on the appreciation value than cash flow.

Cash flow might not be your best bet, rental agents/property managers are very competitive now that no matter how bad they are in their job, they still get everything at market price.

It'll hopefully put more pressure on the debtor to get their rent paid knowing everyone else there see's they are obviously behind.If you boot it, I bet you could structure the lease language in a way that would require payment of the rent in full for the boot to come off, plus the boot fee, because like you suggested the parking would be the last item funds would be applied to.

All bets are off in a house that has a lot of asymmetrical rooms, extra corners, or a lot of ceiling height changes.

@Michael Gayer Jr I think using MLS is going to be your best bet. 

If you are able to get a loan, I would bet your leverage would only be 50-60%, so you are looking at 150k -250k. net of fees.

Your best bet is to network with investors and mortgage brokers that are investor friendly.

I bet I couldn't even call him and ask him for beers for $90, much less get him to leave the office!

And my personal opinion is that the central part of the state will remain more attractive even though our hurricanes do still pass through because when those suckers hit the central spine they act more like regular bad weather in the North.  

If a future tenant has any semblance of a case against you (even if it's not your fault), you can bet the rent board or court would side with the tenant.