Definitely check out both sides of Edgewood Ave when you come into town.What you're looking for is certainly do-able - although whether you're buying with cash or financing is a factor, and also how much renovation you're willing to do is a big factor in what rate of return you can achieve.I live in Murray Hill currently, and have rental properties in Riverside, Avondale, and Murray Hill.

It doesn't seem like that would be doable, finding a quality tenant 3 days before move in.

In my opinion it's very doable.

Not sure if there are diamonds in the rough but I'm going to find out.So, all that said, is the goal of $0 to $1K per month in six months doable?

It's definitely do-able, it just depends on how involved you want to be with managing your tenants.As @David Bokman suggested, it would be good to come up with a business plan as far as what you're looking for in rent, what kind of financing you will use, tenants you'd like to service (i.e. good credit, pay rent on time), how passive do you want it to be, etc.  

I gave him what I was looking for and what I wanted to achieve in rent (of course that is not always doable given the market).

A duplex should still be doable with the low down payment FHA owner occupied though.  

If so, look at schedule e and see if it looks do-able (or absolutely foreign).

@Patrick Diamond, I don't know if this doable (legally), but if your plan is to eventually buy other properties to rehab and sell to people who'd like to own a vacation rental where you (ideally) manage the property, could you put out feelers for those people now, having them invest in the first house with an agreement that when it's refinanced their investment (plus interest) will be used to buy their own?

I have a quadplex 2br 2ba on the other side of town renting for $550 so I believe $450 is doable.