If you are risk adverse real estate, (especially out of state) is not for you.

Otherwise, it sounds like a generally solid idea for someone risk & debt adverse.

Often it doesn't work out because you have different values.One maybe risk adverse while the other a conquerer.One may need tax write-offs and the other may need more income.One may like short term returns and the other long term returns.People can change and their situations may change.

The market tends to be risk adverse regarding natural disasters so I believe I got a good deal.

If time is not an issue, then adverse possession would be an option, but I believe contacting the owner will be the quickest and cleanest option.  

I agree with all and thank you for your insight, but where do you go for a loan that dos'nt require 20% down plus all of the origination fees and closing costs.I am very fortunate, I don't want to sound greedy or risk adverse, but where are the "no money down" deals with creative financing I keep hearing about?

However, I'm still thinking about it since I'm also a bit risk adverse not having any experience.

The above assumes a 30 year fixed FHA, 15 year products have lower annual MIP, but the down side is the much higher monthly payments which may adversely affect your cash flow.

If you are debt adverse maybe add the rent increases to the mortgage payments but paying extra on low debt will hinder your acquisitions. 

Will this adversely affect your credit score?