It is better to even be slightly cash flow negative in year one with a quality asset than to buy in the hood and find out that your xls spreadsheet did not tell you the whole story..

YUP   U take one BS u tube success story and folks will believe that before they believe folks that are actually in the business daily and for decades..

At least this next potential home is only a single story so I cant fall as far. 

Most turnkey companies proforma does not tell the complete story and that is why is called "PROFORMA" OR "PROJECTION", they don't account for the true vacancy, leasing fees, holding costs, and Headache factors that come with a Class C and D properties and neighborhoods.Hopefully, they can help you get to 100% occupancy and sell the property so that you can re-invest in a better neighborhood and relatively newer property like 2020 or newer if is possible in that market, or just go to another market you understand better or have some kind of connection with.All the best and keep us posted on your progress.

I was just looking to see if anyone has done such deals before.further context: its a one-story (4k sqft on 15k sqft lot with permission for duplex).

Try to get the whole story as to why they are paying late. 

Honestly, I’m not a fan of HOAs—they’re like little dictatorships, and I’ve got some wild stories to prove it!

We have checked- and re-checked the loan docs.Long story short - we lost the deal.

Long story short, he ended up buying a worthless piece of land. 

I’m also open to hearing about any recent experiences or success stories you’ve had with off-market deals in these areas.Looking forward to your insights and advice!