After more research I most certainly agree with you on choosing the asphalt over the metal.

Of course, depending on the interest rate you charge the buyer may choose to refinance and pay off the land contract early.I would only do this for another investor and specify (in many places in the paperwork) that this is an income property.

@Julie MecheWelcome to the site.Others have provided solid suggestions on were to go.You have a relatively small amount of capital so I would have to agree that your limited to one of the lower priced markets such as those in the midwest.Whichever market you choose the most important thing is to meet the companies that operate there and drive the neighborhoods to make sure you are comfortable with both.

Also realize that it's not unusual for altisource to choose to let properties sit for a long loooonnng time not accepting the real value of a property. 

You might be able to get it for a song at a tax sale.

You can offer whatever you choose.

Hello BP,I have been interviewing community and regional banks for a first time home mortgage. I found two banks willing to do portfolio loans at 5% down without pmi( without a higher interest rate). How do know which...

3-If they all pan out with your bottom line, do you then choose one?

But, that reminds me...have you ever heard the song Pound Sign?  

Then send the rest to an address of his choosing, certified mail.