When I look at various realtor or MLS listings in my area, there seem to be a number of foreclosed homes in the $30,000 range in the neighborhoods where I'm looking in southeast Michigan (not Detroit).

Hello, I live in New Jersey and I'm looking to buy properties in south east Florida for a buy and hold strategy.

You can make money actually doing the right thing that the big banks won't-- having had to do our own "modifications" (a joke) on res. and commercial property-- we know how to do workouts and underwrite as well.All of the above is important to give you perspective on the comments I'll share on turnkey rentals-  We have a lot of inventory now (midwest, southeast, mid-atlantic)-- much of it is/ or has been sold on owner financing or as a turnkey rental.When I model out the exit on a property we pick up -- I look at 2 back ends (excepting the ones we keep in rental portfolio)  1) sell on owner financing 2) sell a turn key rental.1) The owner financing payment has to be affordable and below the market rent for the area to attract a buyer with dinged credit and a down payment that has the highest chance of succeeding in buying the home eventually.

I will not, however, buy where I see bars on windows, lots of chain link fence and graffiti, etc.Based on my research of CS, it sounds like you generally want to avoid the southeast area of town (roughly, south of Constitution and east of Union).

It's easier to ask about the good zips than the bad ones.Orange Mound is awfulMost of the areas close to downtown are terribleSouth West is badNorth West is badYou need to know your streets as many of the above areas also have some great streets in them but generally East Memphis, North East and South East Memphis are the safest.

I'm reaching out to other Omaha, Nebraska landlords and property owners.

Same thing just happened in the Southeast region with Sage acquiring other asset managers.

The next 12 months will be difficult though.Other areas to consider are the Mountain West (Utah, Idaho) and the SouthEast (Tampa, Atlanta, Charleston).

@Jay Hinrichs Thanks Jay, hopefully we can connect the next time you are in the southeast.  

I am a beginning investor from a small town in Southeast Kansas named Sedan.