But there's a balance in leverage, too, and too much leverage without adequate cash reserves wipes out many an investor.; 

Ultimately, any money I saved was wiped out from city violations from an un-kept lawn.But above all – Alex’s comment above says it perfectly. 

I am a baby boomer - and a relatively early one at that!

Is the extra late fee worth the baby sitting? 

Don't be messing with THE DONALD'S tax deductions baby!

i will run it through my spreadsheet, but my thought was to use cash for the purchase since it would be faster (albeit it would wipe out a large chunk of available capital = unsettling). 

This baby retails for $306.

By doing that, I can wipe out the credit card debt I incurred for the rehab, though it wouldn't be quite enough to pay back what I borrowed from family, so I will still have a waiting period to get back into the black after that. 

The owner can have the mortgage wiped but you still have deed to property and can still foreclose and take the property.

Keep in mind the lower priced homes have capex that can wipe out your cash flow while the higher priced homes due to higher rents have a little bit more cushion.