Umbrella insurance is pretty cheap in the scheme of things

All these people on fixed incomes who moved to Florida for the weather and disregarded the consequences and risks can do the same thing as the people on fixed incomes who stayed up North: Rent a cheap apartment or buy a cheap condo.

Hi Cleveland BP Community,I've noticed a lot of cheap houses for sale in East Cleveland that could make great cash flow given their list price.

The issue is this negative initial cash flow increases the amount invested which will impact ROI forever.I do not do flips, but if I purchased this property I would be flipping it rather than suffering that level of monthly negative cash flow on that cheap a property.Regardless if you rent or sell, add a closet to each bedroom.  

Also with stucco siding tile roofs No major weather issues desert landcaping etc etc.. maintenance is quite easy and very cheap compared to other areas of the country.

They are cheap for a reason.

I only ask because a town I grew up in, (Tempe AZ) was cheap when I first arrived there. 

A skilled operator can still make money there, but if you are long distance, have no connections to the area, and just like it because it is cheap, it's probably going to take a lot of time/hassle and underperform index funds.

Obviously, rents are very cheap there, but it seems I can find MLS listings that match or come close to the 2% rule.

If you can get a 4 unit and a basement, that would be ideal and create major cash flow and equity creation, plus you can not worry about a property manager and boost your yield.You can get a whole bunch of cheap debt which your tenants will pay down over time, massive appreciation and potential cash flow if you buy right.