All in all, we made a bad judgement call in offering on the property and backed out of the contract.Again like the first property that we offered on, we found the property we ended up buying about 2 weeks after backing out of the house in Lincoln Square.

If you work with a quality firm, they will not only setup the plan but be available to you as advisors and guides to help you operate and invest with the plan.

I am looking to buy and hold SFR to provide quality affordable homes to renters.

The purchase price and bad neighborhoods don't matter. 

And to answer your question, YES, that is pretty crappy to put you into a bad loan.

a bad tenant can cost you a year or more of profits.

I've learned a lot and have averted some bad decisions because of what I've learned here.

It might not be a bad option.

It also depends on the type of rental you want to have: owners are more likely create problems for you, if you don't keep up your house or have bad tenants.

So here's my scenario and question...The seller made an insurance claim to have his roof replaced after a recent bad hail storm.