@Adam Christopher Super helpful insight.

@Christopher M.Thanks for your reply, it's much appreciated my fellow Chicagoan :)I will respond in order of your points...with regard to the purchase price, yes, I understand the 70% rule, and the purchase price of $43k was based on the exact math you described. 

@Christopher Dorsey So you need $5,200 to bring the mortgage current plus the repairs.

@Christopher Petrigno I suggest that you look to the south.Plymouth and Bristol counties have much more reasonable acquisition costs than Suffolk and Middlesex.We also aren't in the snow belt. 

Whats up everybody,Just wanted to introduce myself my name is Christopher Gamboa, born and raised in El Paso and just recently moved back about a year ago to contribute to the growth of this amazing city. 

@Christopher DorseyWhen at all possible, get ownership of propery.

Hi Christopher I am not from the area so I cannot provide you with a reference, but my suggestion if you are not getting feedback is to just Google search real estate attorneys in your area and start asking questions.

Welcome Christopher!

Hello and welcome to a great part of this site Christophe! 

@Christopher Brown for some success stories I'd recommend the Bigger Pockets podcast episodes and blog articles.Yes, generally it is much better to invest within your own state.