There are risks too, when buying condemned and burned-out houses because you may not be able to control the environment where these properties exist.

If you treat the renter (resident) well, provide a well-kept home that you service regularly, and stay on top of any maintenance issues, a resident will likely remain in the house for many years. 

I have had 8 at my 3 bed/ 2 bath houses, largely because of the bathrooms. 

I would recommend house hacking, it’s easiest way to get started.

Conversely, anyone can buy a random house in the midwest, underestimate capex, and... lose money. 

I had a rental house that burned down. 

==========================My relative is asking if this is a viable way to legally avoid having to pay taxes:STEP 1: SELL PRIMARY RESIDENCE (House A)-Sell primary residence to son-in-law for cost basis + $500K-File gift tax form for difference between sale price & market value-Not pay capital gains on $500K due to personal exemption.STEP 2: SELL RENTAL PROPERTIES-Do 1031 exchange and buy House A back from son-in-law-Rent out House A for 1 year before move back in==========================Thoughts?

I love the Myrtle Beach area.Condos are a dime a dozen so there is stiff competition which pushes prices down.HOAs have their own problems which I always avoid.I would try and buy a beachfront house or 1st row house 

As a broker I did everything in house

It will be remote, but since you live there now, you probably already have connections who either already know the house or local friends to find you good people to service things as needed.