I have a mortgage on that property.In about 6 months, a family member is going to sell me their house for an extremely reasonable price.

I have read through the replies with extreme interest.The goal is to not run out of income before you run out of life.

This is extremely common in the Detroit market, but it seemed very odd to me initially also.You simply put an inspection period in your offer so you can walk it and decide if it's for you or not.In terms of rent rolls, etc. you may not be getting a response on this for the same reason.

I have worked for and with billionaires and hundreds of mult-millionaires and rarely do they go to this extreme.

I'm not saying that your plan can't work, I'm just pointing out that these types of extremely cheap properties usually come with TONS of unique management and sales challenges that don't occur with more run-of-the-mill properties, so you'll want to study up on those issues and have a game plan before proceeding...regardless of what you decide to do, it may be a good idea to consider how you could leverage this deal as a springboard to get you to other, higher-grade properties......the good news is that you're only $5k into this thing, so you're not in too deep...yet...Good luck out there!

There’s about 8 communities in my primary target area in New England and they’re all considered to be extremely hot real estate markets.

Many parts of Stockton are extremely rough. 

I've heard great things about the cash flow and the lower home prices are extremely appealing.

The demographics and reporting is extremely detailed and sharp and shows square ft per capita/incomes/etc in 1,2,3,4,5 mile radius depending on how you set it up.

The bank has been extremely difficult to work with up to this point.