I looked at the market and see there's a large selection of 4bed/2bath homes in your price range.

Jason - First, we care about our users, which is why our policies exist. 

There's too many investors who are front page news in Northern states re CFDs gone bad and Texas where lease options went bad and the state enacted buyer protections...Take care to all.   

I would restate that the lease will remain in place until such time that a new tenant is selected and moves into the property.This approach will ensure your cash flow while acknowledging that 'stuff happens.' 

And do they care if I do rent by the room strategies?

I buy deep though, and don't seem to care to budge on my bid given the scope. 

The nicer areas are already charging a premium so be careful. 

If you don't have money set aside for emergencies then you should tread carefully.

Quote from @Jason Burkart: Quote from @Theresa Harris: Whatever you do, I'd keep it in your name if you are the one paying for it, in part for some of the reasons others mentioned (if at some point she goes into a retirement home and needs to use her assets to pay for care).Are you able to pay for her home for 10-20 years? 

(or if they're primary buyers, they don't care about yield, since they're going to live there.)i just went to visit two very distressed properties yesterday that i would buy.... if they were priced 50% lower.