@Blake KingI would like to echo what @Scott Trench said and add that opening up your monthly income by reducing monthly debt service is more than worth the effort.

In my observation, governance tends to be best in the smallest "willing" locales, so any effort to move in that direction is interesting.

On the other hand, to buy at retail is not the ultimate sin in REI as so many preach here on BP - - if the deal at real makes sense (aka has an ROI the investor is happy with), the the acquisition is worth the effort. 

I'm actually focusing most of my efforts on 400k-600k- price points right now.  

You are advocating the volume sales approach, like McD's, sell a million at $1.00 profit and just smile.The problem is, the work effort to support low profits is the same as that required for high profits. 

You have no payment history and the tenant is either in trouble and genuinely cannot pay rent, or is trying it on and looking to establish a relationship in which late rent payments are OK.

A promise of monies that "should ultimately be collectible" with enough time and effort, from a distant party who is "technically legally resposible" for the debt, is a far cry from actual money missing from my pocket today because I trusted that someone other than the tenant I screened would come up with the rent money.  

It could save you some effort later during the delayed financing since that would require a title search to very there aren't any liens.

If you are managing this as your sole property than some extra effort and preplanning will keep your vacancy low if the property is in a decent location.Speaking of management, keep this budgeted even if you don't hire it out.

A lot of time and effort went into making this house special.