I personally think househacking is hands down one of the best ways to dip your toes into the water of this business IMO.

GeoffCosts Due at Closing Points: 3% of loan (one time) [only financed at 70% of ARV]Origination Fees: $1,020 ($400 document processing + general administrative costs, $575 legal fees - preparation and review of all documents, $30 application fee (charged at closing), $15 flood certification)Appraisal Fee: $400 - $475 (paid directly to state licensed appraiser)Insurance: ARV x .45% -- (paid for 6 months in advance before you close; can choose any insurance company as long as it meets minimum requirements HML has + lists HML as mortgagee on policy)Buying Closing Costs: 1% of purchase price (title insurance + escrow fees)Outside Costs (Holding) 4 Month Flip (120 days): 2 months of construction, 1 month on market, 1 month in escrow/title; plan for 6 months Monthly payments: 1% of loan Utilities: $230/month (varies; $125 electricity, $60 water, $45 gas)Property Tax: $3,000/12 months x number of monthsRealtor fees: 4% of ARV (multiple realtors that will list for 1%)Selling Closing Costs: 1.5% of ARV---------------------------------------------------------------------------------------------Example of House:Buy at $120kRehab at $50kARV at $230kCosts Due at Closing Points: 3% of loan; financed at 70% of ARV ($230,000 x 70% = $161,000 loan) $161,000 x 3% = $4,830Origination Fees: $1,020Appraisal Fee: $475Insurance: ARV x .45% $230,000 x .45% = $1,030Buying Closing Costs: 1% of purchase price $120,000 x 1% = $1,200TOTAL CLOSING COSTS: $8,555------------Outside Costs (Holding) Monthly payments: 1% of loan $161,000 x 1% = $1,610 x 6 months = $9,660Utilities: $230 per month $230 x 6 months = $1,380Property Tax: $3,000/12 months x number of months $3,000/12 = $250 x 6 months = $1,500Realtor fees: 4% of ARV $230,000 x 4% = $9,200 Selling Closing Costs: 1.5% of ARV $230,000 x 1.5% = $3,450TOTAL HOLDING COSTS: $25,190-------------Out of Pocket Portion for Rehab: $9,000TOTAL OUT OF POCKET COSTS: $30,095TOTAL OUT COST INCLUDING REALTOR FEES AND SELLING CLOSING COST: $42,745Calculations-------------------------------------------------------------Buy at $120,000 + $33,745 (costs) + $50,000 (rehab) = $203,745Sell at $230,000 - $203,745 (costs + rehab) = $26,255 (PROFIT)Cash on Cash $26,255 (Profit) / 30,095 (Total Cash Invested) = 87 %Return on Investment $26,255 (Profit) / $203,745 (Total Spent including all cost) = 12.8%

If you can find a phone number you can also cold call the owner.

And you have to worry about a special assessment absolutely wrecking you.Ran, just throwing some cold water at you here - on first blush, this looks like it is a very, very bad investment deal.ETA: this is not directed @Ran specifically, but it appears nobody on this threat has considered any expenses beyond mortgage. 

I would also send mail to non-owner occupiers, who are also, -behind on taxes - past due HOA -or behind on water billsI would also look into different software services like call rail to track your calls and kpi’s For marketing campaigns along with a solid crm. 

You could also send text messages, Cold Call, send RVM, use Facebook and Google ads to target these properties. 

During inspection we discovered water in stagnant crawl space and inoperable sump pump (This wasn't disclosed by seller).

No water damage from tenants so bottoms (inside) are good.

A property I am interested in buying currently has the landlord pay for water, gas, and sewage, while the tenets pay for electricity. 

And don't forget about the inevitable 'glitches' like water main or HVAC replacement you weren't planning on.