If you add the option that the property is vacant, thereby no income is being produced, you may find a very highly motivated seller.

This will free me up to acquire more 'real' investment properties that produce cash flow.The current tenant signed a 2 year lease which doesn't end until Jan '16.What are my options for getting rid of this property?  

I got started in the Real Estate world about 5 months ago when i realized that i needed to produce additional income.

Michelle Na - What would you say are the highest gross income producing properties in Big Bear between the $450,000 - $600,000 range?  

Im just staring to consider SFR flippin because it seems like a viable "active" investment that can produce "quick" cash to help build my passive portfolio. 

The fact that iFunding did this was above and beyond, but I hope to doesn't set a precedent.Where I see Mark's site as being incredible is where investors can go and put up serious questions about a deal. 

But, here in CA and other places, the recent 5 years have produced sales prices that are next to impossible to break even.Here in Orange County, the average $650,000 house that's junk will only bring in $2,300 a month in rent.

i'll post more on this later (it's late, just got home) but it was incredible.

I'm interested in turn key properties and not fixer uppers (painting and carpet is fine, and minor repairs I can deal with) no major fixes though.My goal would be to acquire control of properties and rent these properties and produce an income after my expenses.This would be the price area:$50,000 per home single fam. residential 2-3 Bed bungalo, rent for $700-850/month.

FROM WIKIPEDIAA Capitalization Rate (or "Cap Rate") is a measure of the ratio between the net income produced by an asset (usually real estate) and its capital cost (the original price paid to own the asset).