One last challenge is their estimate of property taxes - they are all VERY low:(Michigan has some interesting property taxes because there's a Taxable Value and a State Equalized Value, as well as Homestead and nonHomestead millage rates. 

You'll pay no tax on gains below $250k (single) or $500k (married) if you lived there for 2/5 previous years. 

When you buy a tax certificate for vacant land in Alabama,1) Do you have to wait 3 years to get the tax deed and in the mean time have no right to the property2) Do you still have to take possession of the land after getting the tax deed.

I was recently informed that there are portfolio lenders that don't do a credit check, don't require an appraisal (possibly BPO), or tax returns, etc and are truly asset based.

They get scared of the mortgage, maintenance, property taxes, etc. 

@Justin Holley it all depends and there is a lot of flexibility.Our PMC is able to pay insurance & taxes for owners as well as utilitieis on vacant & MF properties.The only thing we shy away from is mortgage payments - too much potential liability if we pay late due to our error or owner portfolio doesn't have needed funds.Pretty much anything specifically related to a property should probably be paid via the Property LLC for easier accounting/tracking.

Here, the insurance has skyrocketed due to hurricanes, taxes are up, and the property values have increased faster than rents.

Payments are to be handled by outside/3rd party escrow (mortgage, taxes, insurance, etc), vendor to be determined prior to close of this escrow.  

@Chris Seveney I have an IT consultancy as my main income for the last four years.

I decided to try and go after people I thought were more desperate like going into foreclosure or tax sales, etc.