. :)Anyway, I like your strategy of driving and looking for houses in need of repair and sending handwritten letters and contacting rentals for the reasons you gave.

Big demand for auto repair or auto accessories.

Lastly is your listing details; they read with all the story telling and excitement of a furnace repair manual. 

After a few too many midnight leak repairs, she wanted to offload it but didn’t want a big tax hit.

You'll need 20% down plus reserves for other costs as well as repairs and vacancies. 

I was able to replenish emergency fund money I had to dip into for furnishing, was able to pay off a hot tub, was able to replace 2 garage doors and paid for a larger repair this year.

I recommend establishing a reserve fund for major turnover expenses, capital repairs like a roof replacement, etc.

He's essentially lost $150K.Run the numbers if he was renting it for 5 years (minus mortgage, property taxes, repairs, etc). 

They will try to run 2 kitchens and that can mean clogged drains in your wet bar kitchen.Be sure there is personal recourse when you need to sue them for $40k in repairs above the deposit.

The rental is currently managed by my husband and I and I do the paperwork and lease etc, and hire contractors or husband does light repairs.