I’ve survived this biz for 35 years without losing investor principal, across many adverse market cycles, and I couldn’t do that by taking on much “wipe out risk.”

They survived inspections from lenders and I was able to sell them.I think what Mr Lau experiences is way more extreme, equivalent to a scam.

Quote from @Theresa Harris: A word of caution-don't look for the cheapest home in town. 

My mom is willing me her house when she passes away. Any suggestions on how to structure the will with specific provisions to allow my stepfather to remain after her death? My heart would like to let him stay for free...

Quote from @Theresa Harris: I'd tell them if they want you to pay $8K in closing costs, then they need to up their offer to $224K to cover the extra $4K in closing costs.What does your realtor suggest? 

Not trying to be a jerk, but you have a better chance of surviving when jumping out of a plane at 10,000 ft without a parachute than remotely managing a class D rental from afar. 

Quote from @Theresa Harris: No. 

Just because you have the inside scoop on the property doesn't mean you know things like: Are there other liens on the property that would survive the auction?  

@Russell Harris Thanks, same to you!

However, I'd advise steering clear of Harris County, particularly in Houston, due to the excessively high taxes.