You do not want your first investment to be a place where you are inheriting tenants you are going to have to chase down for rent like the owner has already told you.It is worse than he is telling you. 

Sometimes they're looking for more control over the property and don't want to inherit a previous potential) problem.In some cases, we find our out of state buyers want the PM to place the tenant (the one we provide will, which is how we do it on ours).Sometimes, the out of state Buyer already has a team for rehab, and PM in the state they are investing in, so they are just looking for a wholesale deal.  

A person buying a house in that price range is only concerned about monthly payment so get them as high as the person can reasonably afford so that the amortization time is lessened thus enhancing the resale price for you note.  

Attorney working with a family on an inheritance.

I inherited 2 great tenants who always pay on time and are both single mature adults who give no one any problems. 

Do realize that because they have inherited the property one of the big advantages goes away. 

I am pondering a somewhat similar question, as I just inherited an IRA.

This lessening of supply also added to the bottom being found.The number of potential foreclosures is a wild card - we can only make educated guesses as to how that will affect the market - and there seems to be two conflicting opinions.

Three parcels total. 80 acres, 40 acres, and 20 acres.20 acres was bought with cash, the other two with seperate notes.The 20 acres is obviously paid off, and is worth about 75-80k.40 acres is paid off, free and clear thanks to an inheritance a number of years ago.

Some also like to price closer to 90% of FMV to lessen their carry expenses by selling faster.Others (buy cash, fix, refi) target the 70 - 75% range because that allows them to do a full cash out refi on buy and hold rentals.