I'm looking at a duplex that's in a small town (700 pop) about 30 min away from major civilizations. 

I've mentioned this in a few threads recently, but it seems to keep popping up.  

At some point, this document may become outdated, or some loophole may pop up warranting a change to the form that you won't know about it.

I have been a member of BP for about a year now and I have learned a tremendous amount of information your average mom and pop investors never heard of or thought about before, and  think that is what separate's the different levels of success there are in the real estate business. 

I can answer you question with what I DID with 200+k.Bought a small apartment from a mom & pop RE, in a great location. 

@Charlie Fitzgerald  in practice though its the states regulators that hammer one  LOL I know I have had it happened to me... to get the feds on you would have to be big time issues. far more than mom and pop in my mind.

Hi @Oliver JosephsSorry to hear about your troubles - I run a HOA and issues like this pop up all the time.

I've seen too often someone buying a property because it's cheap and then are perplexed why their tenant pool isn't the upper middle class that they intended to get by popping some granite on the kitchen cabinets. 

The small start-ups, mom and pops,  and part timers will give the best price. 

Plus if they manage to chip it (my tenants haven't) you can pop out the tile and replace it.