I’m happy to assist you and your wife find a place and securing financing.

I'm not sure if you're working with a financial advisor but if you're retired, receiving 1099R income, maybe social security, plus income from other sources you definitely want to speak with an advisor.

I'll make a long story as short as possible:> House built in 2008, first owners used husbands VA loan to secure (220k loan), stopped paying HOA and bank shortly thereafter (current payoff 500k+). 

Through efficient negotiations, we secured the property for $162,000 on favorable terms.

Efficient negotiations secured the property for $154,000 on favorable terms.

Through efficient negotiations, we secured the property for $155,000 on favorable terms.

Publication 946 goes into the qualities that establish ownership and allow you to depreciate a property. 

Efficient negotiations secured the property for $120,000 on favorable terms.

Quote from @Calvin Drake: I've found that some of the zipcodes on the northside (32208, 32209, 32206) have adequate opportunities to meet the 1% rule; however, with some deeper looking you most definitely can find properties elsewhere in Jacksonville that may not require as intensive of management as Ken mentioned.Can you explain what you mean by “deeper looking” other than looking at public listings or going into wholesale which I don’t have time for? 

Your goals need to align with whoever your potential investors are.I would schedule a call with a securities attorney, such as @Kim Lisa Taylor to walk through your structure, returns, and business plan, especially if this is your first syndication.There will be demand for your type of deal, especially investors who want a flight to quality in this part of the market cycleGino