That will give you an idea of any repairs, maintenance, etc.

If you are first time investors, you do have to get comfortable with the idea that you will have to trust someone else with a large asset: managing, renting etc. 

Hitting the pre foreclose every month seems like a good idea to me.

That's a good idea.  

Does anyone have any idea what this would do to resale value of the home - owning the actual property outright as opposed to owning the building and ground renting?

Still not a bad idea for buy and hold.

I was born and raised in southern CT and I think I have a good idea of what's what in the area and hope that will be an asset to me in local real estate.I currently work 9-5 as an engineer at a small design and consulting firm and I'm looking to enter into the real estate market on the side (for now!).

Owner occupied loans are a little more tricky with our system but me or a team member would be happy to bounce ideas around with you.

I think house hacking your first property is great idea!!!

I would run comps in the area to get an idea of his property is worth.