It provides a little protection with a lower payment just in case something unforeseen happens.

I'm sure there are situations where people have gotten cold feet or have unforeseen circumstances, or whatever the case may be.

Account Closedif you're doing it remotely, you'll need a really strong, competent team in placeany unforeseen capex, or vacancy, will totally crush your cash flowhave you been there in person?

I agree that multi has an advantage over singers for that reason ;)  Even now, out of 45 houses, 1 or 2 of them every month becomes negative cashflow because of vacancy or unforeseen repairs.

So if I buy now in CA and prospects are that appreciation will diminish relative to current expectations based on yet unforeseen factors (global warming effects) than on a relative basis would I be better off investing in the Great Lakes and get the cash flow now and into the future and in the future a yet unforeseen rise in appreciation which investors are not currently factoring in.  

Paint Interior exterior complete $3,800.00Cabinet re finishing $900.00Countertop Slabs allowance Baths and kitchen allowance $3500.00Appliances $2400.00Flooring Blend of laminate carpet and tile $6250.00Complete New Kitchen sink $800.00Deep cleaning $600.00HVAC service and assesment $300.00Light fixtures $400.00Plugs switches trims $170.00Door, Stops, Locks and Handles $300.00Minor Repairs Drywall, Cabinets, Closets, Windows Etc… $1800.00Minor plumbing repairs $700.00 COULD BE 3XTub and shower RE glazing $900.00Landscape Needs $2400.00 Minor COULD BE 3X$25,220.00From here its a safe bet to allow 12% for unforeseens and 17 total days of time to complete given you have a professional experienced crew well versed in investment rehabs.So the property that is "TURNKEY" Needs none of this?

With leveraged property, I'd be concerned about unforeseen expenses my IRA reserves couldn’t cover, I couldn’t take advantage of depreciation, taxes just got more complicated, etc.

If I decide to go with the auction, I will get a title inspection done and I am planning to budget my bid so I'll have some unforeseen future expenses, but I assume they should be under 20k or so.My understanding is that if the property get foreclosed by the 1st mortgage, the 2nd mortgage and HOA liens will be dismissed/wiped out (it is in Arizona).

@Michelle Bright Yes, it is true, if you are transferred because of employment it falls in the category of an unforeseen event and the lender will not require you to owner occupy the property to the 1 year requirement in cases such as these. 

NOT finding fault...but dealing with family can cause unforeseen additional problems.