You need about $80K in cash to buy this thing, unless the seller will carry some or all of the financing.

I'm wondering if I should be figuring that into my cash in cash return since I will need to bring it to close, but will eventually get some or all back on a sale?

Seems most LL’s would take a cookie cutter tenant over me even if most or all the annual rent was forked over up front.

I say look at some nearby markets in SC or AL, join up with some REIA's, find a realtor you can trust, and let that person help you go from there.

Now you've got most or all your starting money back. 

Right now loan rates are pretty low a"nd it might be a good time to take out a loan.I think an investor will probably "low ball" offer on your house that would make you lose most or all of your equity. 

@Casey DeStefano Most or all foreclosure sales in Auctions are cash only.

Usually the sellers lender factors those in the calculations for the short sale, but sometimes the buyer will have to pay some or all of those..  

Small local bank, or all cash are best on deals like this, depends on price. private lender is potential as well. 

Find yourself a duplex in a neighborhood that you are willing to live in that will also have a decent chunk of rent coming in to cover some or all of your mortgage.