@Marty True, you are not in lending, so you don't have the Daily issues with borrowers who act like running their credit is going to totally destroy their hopes of getting a loan.  

The syndicate got into such bad litigation it destroyed his investment.Bottom line, I don’t think your retirement money is something to take risk with as a passive investor with no control on your investment, however, it’s up to you on how much risk you want to take.

Bottom line is he neglected his responsibilities and allow your tenant a free hand to destroy your property.Unfortunately it is your fault your PM did a poor job.

If you don't have this, assume that you will have to eat the cost of a tenant punching a hole in the wall, destroying the carpet, and breaking the fridge.Bills or anything to verify what the actual expenses are on the property.Cutting closing costs: pay with cash

Termites, mold, asbestos any of those things will easily destroy a budget.Some people are happy making 15k while others have a much higher minimum.I think the potential for profit is there at just about any price range, but it's finding that house and getting it for that price for increased profit.

The empty residential lot previously had a SFH home, that was destroyed by a fire. 

How many times have we sacrificed our money and time, and family time, and worked ourselves to the bone, fixing up a house, over and over again, because a tenant destroyed it, and yet we get no sympathy, nor do we want it.  

A foreclosed condo SEEMS like it would have less headaches attached with it and less money for repairs needed if a former tenant destroys the property.

i don't want to make repairs right now since the tenant will destroy something again by the end of February.

Also, granite looks gorgeous, but for a rental, you need to change your mindset to "what's hardest for someone to destroy?"...