The Purchase and Sale Agreement is the contract that you and the seller sign which allows you the option to purchase the property at the agreed upon price.

I totally agree with Brian.  

Hi Paul, I completely agree with this strategy, slow and steady wins the race.

I don't know if I agree with his statement of the brokerage only making up 5%-10% of your success.

I appreciate your perspective on “appreciating assets” and agree.

I agree with  @Shiloh Lundahl.

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. 

I agree with what Sofia said.

I would agree if we were talking about financial statements, but as I understand it, we are talking about tax basis reports.For tax purposes, one can use a modified cash basis when filing.

I do agree the lack of control is a potential issue.