@Shantanu Rastogi how they get financed depends on the State the property is in but generally banks wont touch them.

I will do a lease options which means I wont need a property manager and I wont have the tenants calling me if something breaks.

If you think you can sell it fast and it wont sit on the market forever I personally would flip it and start another project.

Financials (They wont show unless UC)MonthlyAnnualIncome:$2,350.00$28,200.00Mortgage Pay:$642.97$7,715.62Vacancy (10%):$235.00$2,820.00Management Fee (2%):$42.30$507.60Property Tax:$275.00$3,300.00Total Insurance:$66.67$800.00Maintenance Cost:$83.33$1,000.00Other Cost:$16.67$200.00Cash Flow:$988.06$11,856.78Net Operating Income (NOI):$1,631.03$19,572.40

And I'm fine with talking about the worst-case, bottom-of-the-barrel slumlords who abuse the system and their tenants.But if we're only talking about the extremes, where was the equal time spent talking about the tenants who move in and proceed to destroy the property.

that's an easy one.if everyone simply did what they said they would do starting with tenants.who say they will pay on time every time. wont sneak a pit bull in.. wont trash the house as they claim they are very neat.contractors for myriad of reasons.. bad work.. don't show up.. steal draw money , never finish work so poor it wont pass inspection. list goes on.realtors being one and having owned a few brokerages over the years its more in the realm of they don't know what they don't know or they are want to take on a mother hen protection of their client roll like an attorney would do.. and just are not out there to put willing buyer and willing seller together..  

You probably wont deal with any foundation problems and if they don't have a basement that's just less room for them to hoard a bunch of junk (Obviously some storage would is necessary).

Don't annoy your tenants but don't destroy a year or two worth of cash flow by letting tenants wreck the place. 

After 1yr or 2yr they wont be able to buy it and you will be able to keep it.

Banks HML probably wont lend that low for some detroit properties.