I do appreciate you taking the time to respond regardless.The IRS specifically calls out owner distance from rental and having a property manager as a red flag that owner isn't materially participating.

Call the mechanic or gas station up the street and ask the owners if they know someone.

You paid the property owner $40,000 in rent.  

Can anyone recommend sources for contact information for property owners?

Some types of Creative Financing include: Seller/Owner Financing, Land Contract, Wrap, Assumption, Subto, Lease Option, Contract for Deed.

If you are looking to wholesale you need to contact owners directly before someone else does.

@Chris Seveney What is their name, and what types of owners/realtors have they called for you?

I agree that is will be a gamble as to how well it will do.Also, ask the owner if they will entertain partial owner financing to keep from dragging family and friends into this risky business venture.Maybe even rent from owner for a year with right to sublease to see how it goes before committing to a purchase.

With current interest rates, and they are at least 1% higher with potentially additional points for non owner occupied property, it is hard to find properties that will allow for positive cash flow after paying the mortgage, if you are looking for money for the down payment from a private lender, those are normally at higher than market and I am not sure it would be possible to pay it off.... please remember you need to take into account that you may not have a tenant for a certain amount of time, a tenant may stop paying rent, or you will have a big ticket item to fix, so I would wait if I were you and save to have enough for the down payment and closing costs and perhaps some money set aside for repairs. you also want to make sure that you have your own emergency fund outside of the money needed for the investment property because life happens ....

Hi, I am the owner of DealMachine.