@Rhonda Chesley Here's some thoughts, for what it's worth:2006 means things are 8 years old, so, if this will be a long term hold, depending on how well it was taken care of, there could be expenses coming up in the not too distant future if it has the original paint, flooring, appliances, etc.

I am also a pilot so It's not difficult for me to get my boots on the ground in more distant areas.I'm here so that I can learn and hopefully help others from making the same mistakes as I have.  

Personally, I am skeptical that the same will be true if you follow the advice of many here at BP about investing in distant markets (cough, Detroit).Good luck.

Two-and-a-half years into the U.S. housing recovery, the real-estate industry is rolling out new ways for individuals to invest in the property market.Brokers, property managers and others are helping buyers purchase houses in distant cities and manage them as rentals for a fee.

I'm concerned there may be a glut of housing in the not-so-distant future if all planned development actually is constructed and there is no MAJOR driver for an increase in population.

I'm a little confused about the first question, the calculation is based off of 10 vacancy. 23/24 plots are fully leased right now but for the sake of being conservative I used a 10% vacancy rate.As far as capex I would factor that in to pretty much ANY other deal at a much higher percentage here except in this situation there is litteraly nothing to add or fix up with capital.....maybe adding a pond or new road in the distant future?

The lawsuit, which would be very expensive is only a distant, and unlikely possibility, if all else fails. 

I'm also hoping to try some flips in the not too distant future.

Unfortunately, many investors do the opposite and sometimes come off as too distant. 

Bought it as a VA loan and had investment property in mind in the distant future.