I've got some experience with development in Middle Tennessee.  

My risk tolerance is in the middle but more on the cautious side.I look forward to engaging with everyone on Bigger Pockets!

To put $70,000 into perspective, this home was located in a subdivision with an average price of $150,000, in a great school district and in the middle of town.

The tenants get a steady paycheck as they are upper middle-class and employed by corporations.

The good:-large 3 bedroom in an oceanfront building, nice split floor plan, building is only 15 years old, The bad:-it has a side ocean view with a brand new building being built next door-the owner is middle eastern and likes to cook (I've gotten feedback about the smell)-the condo is not furnished well, it's in good condition but the furnishings make it look outdatedI'd appreciate any ideas.

I kept jumping in and out of the pool and learned a lot of "Creative REI" methods although I was never able to gather the self confidence to put theory into practice.I served in the US Army for 14 years combined active and reserve including a tour in Iraq in 06-07 at which time my wife and I purchased our first home and instead of going with the REO that needed work we went with a more middle ground outdated but move in ready home at double + the price.

They are slumlords, huge difference.Cheap small houses with subsidized renters can cashflow really well, until you have to make a ton of repairs and take care of deferred maintenance or have a turnover and have to fix a bunch of stuff.Expensive houses cost more and typically rent for proportionally less, but have a better chance of appreciation.Expensive cities are just that - expensive, and often times rents are not proportional to what a less expensive city / area will yield.Most people find a balance somewhere in the middle, and it can take a couple deals to find that balance.

In the middle of the living room, there was a large hole.

This price range is everybody playground. it's gonna be tough and you have to be fast....good luck :DI just bought one for under 100k in the 249 and beltway 8 area. the moment i saw the deal, i ran the number in 5 mins, turned back my chair and tell my boss i need to get the hell out in the middle of work day, Drive from Energy corridor to there to go see the property - with no time for a detail inspection and decide to bite on it.

Recently, I have been weighing the pro's and con's of securing a license to practice real estate to:1-eliminate the middle man provide better access to the MLS.