Looks like the house needs work including the foundation.I also trying to find my farm area, so far I have been looking at suburbs north of Dallas with good schools, however I am worried about going into to much of a depressed area.

But this is for a wholesale deal on an out-of-state owner wanting to get rid of the property to whomever comes first.Mind you, Raleigh, North Carolina is a little more high-end then what I am typically looking at.

@Kevin Pfeiffer The biggest price demarcation in my town, North of Boston, Massachusetts (mostly Owner/Occupied) seems to be in # of bedrooms, However a town down in Cape Cod with a high # of rentals seemed to have a jump in prices with an increase in Bathrooms (both Full and Half).Without knowing your town,  I like your idea of another Bedroom and a Half bath.

I was perusing padmapper and following the coast north from LA and came across Orcutt and Santa Maria.  

Best school districts in the DFW area that have any chance of cash flowing...Richardson ISD (ranked in the top 25 in the nation...hottest area in DFW right now, includes parts of Dallas and Garland)PlanoFriscoCarrollton/farmers branchAllenProsperGrapevine/Colleyville HEB (Hurst/Euless/Bedford)North Richland HillsKellerNorthwest ISDIn DFW, for a small MFR, you're probably looking at something built in the 60's or 70's, possibly early 80's.

Lots of other meetings both north and south of Boston.  

Neither you nor the original owner can deduct the property taxes on your tax return, even if these are, in fact, being paid by the underlying lender. 

In my state of north Carolina its much easier to just assign a contract. ideally you should have buyers that don't care about what you make as long as they are getting the best deal anywhere around.

I've been wanting to go to some RE meet ups in North Dallas.

That is exactly how we got started, we bought rehabbed and rent ready properties on the North Side of Chicago.