I just did a class with Borders and Borders, any good title company would advise against it for the seller.

Only the most desperate renters would probably agree to live there so the price of the property would have to be dirt cheap and cost you as little money as possible in the rehab to make it worth the effort.Your gambling that the surrounding area will be gentrified in the next few years and increase the property values.If this was in Southern California I would say yes absolutely but,the ATL may be a little harder to wait for unless the population booms there in the next 5 years.

I'd prefer something very close to the border, but would be willing to drive up to 40 or so minutes past the border.

Shaker Heights is good but it can be street by street and some of the border areas could be a problem.Overall there are some great investment opportunities here but like many big cities there are pockets of both good and bad. 

I gambled, held on till 2006, and sold one for $740K, though realtors say I can get $800K or more.Good thing I wasn't that greedy.

I started my day yesterday awoken by Blackhawk choppers and a convoy of border patrol trucks and boats in front of my house....then by walking to the main road outside my neighborhood to see where they were off to. 

(and I say this as an avowed pessimist, bordering on misanthrope)Locate and attend local REIA meetings.

But I figured I'd gamble on it this time and chance missing a month of rent.

In case it is a single member the taxes are done on your personal return.If you want a more professional treatment I suggest you contact Borders and Borders real Estate Attorneys.

If the owner is not wanting to share critical information then you are gambling.