@Bryce Jamison So, explain to us how your logic applies to 200 year old homes in New England area that continue to appreciate?

Yes this is probably the best strategy for brand new people, but they need to study well and apply (like anything). 

Regardless, you might find the copy & paste info below helpful:)--------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

There are no problems being a landlord , just buy a property take the first renter that applies and rake in the cash . 

Apply for a dimensional variance on the vacant lot to allow a smaller lot and/or setback so it can be built upon.Your best first steps are to sketch a plan, possibly with an engineer's help, then contact the zoning department to discuss your idea with them to get informal feedback on your liklihood of success before you spend a lot of money.

When it comes to housing, the FHA rules apply in addition to those of your state/city.

Be sure that you're applying whatever late fee your lease allows to every late payment and demanding same from the tenant.

Have you applied for one?

Do you guys still apply that rule? 

Why not just apply for a hard money loan?