For a while now, I had layered in Stessa.com for finances: expense management, tax prep, reporting, etc.

Phoenix contains a rare combination of elements that have created an outstanding market for distressed property investments, including the following:Cost Savings: Distressed properties are sold below their market value and enable investors to take hold of properties at a trifle compared to traditionally listed properties.Strong Market Fundamentals: Being among the fastest-growing cities in the country, Phoenix ensures a high demand in housing and rentals, hence good potential for resale or income from rentals.Value Creation Opportunities: Most distressed properties need renovations; thus, such situations present opportunities for investors to increase equity by adding value.Population and Economic Growth: Phoenix remains among those cities in the country which are attracting more and more residents and business; therefore, this presents good, long-term appreciation possibilities of property appreciation and income creation.Challenges to ConsiderWhile the rewards can be great, distressed property investment is not without its challenges.

I have read the book on long distance investing and still am not too confident to get started.

They hired an attorney who was skilled at assisting them stay as long as possible. 

It's now converted into a cash-flow positive long-term rental.

It doesn't take long to learn how to spot a good deal.6.

If that's the case, you'll want to start with a fix and flip (or hold) type of loan, complete your renovations, get it rented out and THEN refinance into a DSCR loan for a long term hold. 

I would like to find a mentor/agent who has experience with Foreclosures (HUD) who would be willing to answer questions and work together in the Phoenix/Scottsdale area.I'm on a new journey in life and finally taking steps in the Investor direction... something I should have done a long time ago.

For a long term investor:Would it make sense if you could buy the home at a steep discount and then let the owner stay rent free for a specific period of time?

I'll usually eat $100 - $200 worth of touch-up cleaning for a long-term tenant.