Additionally, make sure you’re familiar with local property laws and any regulations that could impact your investment.I agree with @Jason Wray that you can easily find a cash flowing deal under 200k. 

Ok buddy.Yeah, 100% agree. 

So much so that insurance actuaries agree they cannot charge a premium high enough to meet with the risk of those "vicious breeds."

Let's say $300k, you then agree to the purchase price but add your own terms (ex. 0% interest, 5% down, 16 years to pay back).This way, you're paying (example) $1,800/month but renting the property for $2,400/month and pocketing the difference.Anyone have success doing such a thing?

Quote from @Mike Grudzien: I agree with Zach. 

Agree the time of year is challenging and not the fault of that crappy picture which would irritate me also if they have access to better shots like you added here. 

Agreed @Bruce Woodruff.

I agree that starting close to home makes sense.  

I would tend to agree with the other CPAs typically.The 500-hour test is one of seven material participation tests used by the IRS to determine if a taxpayer is actively involved in a trade, business, or rental activity. 

Agreed with @Andy Sabisch.