Patty, since you have a license, check my blog, "Let's play tic tac toe" much safer for a licensee. 

The book is so great that I feel compelled to take it with me to listen on my iPhone but it will not play MP3's.

How you chose to finance the properties will also come into play.

Kind of a like a cash-for-keys.But if that doesn't work and he is not willing to play ball (pay late fee) then it seems pretty clear cut.

Yet, if I end up with a property that is not what I thought it was, then resale will play a vital role.  

I played with the numbers.

Does land value come into play or is it all jus CAP rate and NOI for the value?  

There are lots of towns like that all over the country in "fly over country".I think the real estate play there is to buy cheap, rent at good rents like 2% or better, and hold the property for the cash flow. 

If she knows and is comfortable with the area, bonus points.I go down all my criteria adding up points.  

I put down $10,000 on a 4 unit building and $8,000 on the duplex.  . so that still leaves me with $12,000 that I can play with and hopefully get another property owner financed .