LOL  I remember buying in East palo Alto in the early 80s for 15k a house.. it was a true war zone.. everyone told me i was nuts I flipped them for 20 to 25k and thought I was the smartest dude on the planetI lived in PA at the time so it was ony 10 minutes to drive over and pick what I wanted to buy.. just needed to no go there at night... day time was fairly safe but still dangerous place back then.Richmond it seems the real ghetto areas have shrunk and you just have a lot of blue collar type home owners coming in... 

@Derrick CamberIf you perform self-employment on the side as an Uber driver for example, you can also open a solo 401k for that work and make contributions to the solo 401k plan  in addition to having a 401k through your day-time job.

Hopefully keeping "emergency" daytime phone calls to a minimum.Thank you so much for your time and knowledge, maybe one day when I am more experienced I will be able to be of some help.

They have a nights and weekend course and a daytime course.

@Susan HolmesI believe the reason for the 60 day time frame is to allow you to get bids and get the property fixed.

You can be nice and ask what day/time works best for her or be assertive and tell her when repairs will be made.  

Your sellers may have a 90 day time period after the tax sale where they can buy the property back for what it sold for at the auction.

On top of that, I reached out to a local investor in the BP community that does marketing through direct mail for his day time job.

It's my understanding that FHA will not allow you to close unless you prove the existing tenants (one of them) will be exiting within that 60 day time period.  

It is late August by the time we finally signed the contract with a 60 day time frame.