Here winter terminations are difficult to fill.

You must be watching your P&L and Balance Sheets constantly in order to make sure your new business does not fail.

I still don’t understand the purpose of the $50k balloon.....Are you saying you’ll make monthly P&I payments to pay off $600k on a 10 year amortization instead of $650k, leaving a $50k balance?

In the case of a property with a balance higher than what it is worth?

Otherwise qualifying for a mortgage may be difficult until you do. 

You can ask for any concession; however gaining agreement may prove difficult.

Depending on your relation with the bank, they may lend you 50-70% of the loan balance.

But if you're just starting out and you don't have that, my recommendation would be to stay local.You will find it difficult to find a single family home in Rhode Island within the 80-120k range, unless you are willing to live in a very tough area and/or buy a house that needs a lot of work.

There're no tax benefits from LLCs for landlords, except for some rare and complicated cases.The difficult part: asset protection.

I think there are deals to be made in any market right now but in my opinion, Arizona it is really difficult to find right now.