From middle-class married couples that just want to ensure financial betterment for their family to world-famous billionaires, people from all walks of life participate in the game of profiting in real estate. 

I'm eager to learn as much as I can to create the empire I know I am meant to build for myself.While I don't have a real estate background or have all the knowledge, I do know what kind of life I want for myself, along with some great work ethic.  

If I could add to what John Leavelle said  ; it could cost as much as $60,000 to do a full Rehab here in the Philadelphia Area        My Friend Sean just did a Rehab in the Port Richmond Area Close to Fishtown and he it was $60,000        Sean has done many flips and I thought he went as "Budget" as you possibly can , for an example ; he paid $7,000 for a brand new HVAC  (Heat & Air Conditioning)  with new duct work , where that would have been double in the open retail market       Good luck with the project & feel free to reach out to me if you need any help or have questions SincerelyRick      

First deal to get my feet wet in REI but have quick question.In contract with a property that I expect will cash flow $70-150/month (10% vacancy, 10% PM, $100/mo comb. capex/RM); cash return of 7-13%, excluding what I'd pay myself to self-manage.2/1, rentable condition, listed at 52, offered 32, in contract at 41.5. 

inherited" tenants like yours are probably waiting to hear from you, so send out contact emergency info and have them respond and include with next rent payment a updated contact sheet,, I'd make an appointment to tour inside of each unit with condition sheet,, the condition from your date of ownership is now what you use for condition move out.. so once that's completed you now know which unit would be tops on your list to rehab and offer an early out to.. if that's a consideration.. you can of course let all tenants know the rent will increase to $$$ when their lease is up and you are accepting 30 or 60 day vacate notices early, they'll be prepared. 

For a lot of us, our end goal in life is Financial Freedom.

Those would all be upper middle class properties with access to a lot of night life and high income tenants, and the cost to buy for the most part would be a lot less.Best of luck to you!!!

Several of us on this thread are no doubt picturing a very confused expression on a low-life's face who was expecting 90 days of rent free living. 

BTW, servicers have always been required to verify loan conditions including ownership, but the above link to the Servicing Guide Bulletin was just published on August 16, 2017 (two weeks ago) so don't bellyache if your loan is called;) 

Age and condition?