With no experience or guidelines (beyond general) its hard to figure out how to understand and verify the expenses. 

It is always a major gamble to buy property without cash reserves but when you are going to get rid of the tenants immediately then it is far too much of a gamble, especially in a tenant friendly state like MA.  

@Bryan L. is somewhat correct about foreclosures being listed on the MLS due to the listing guidelines given to the broker by the banks.  

They did a study, issued guidelines for proper implementation along with stern warnings.

It is a whole other set of guidelines.  

Depending on the situation the landlord may (or many not) be required to comply with ADA guidelines and make "reasonable accommodations" for your disabilities.

Luckily, we have our emergency fund in place.Marcos,I will be reading the RLTO guidelines in depth after I finish studying for my LEED exam next week.

Just to add even more confusion.Some of my biggest deals were against all the criteria "rules" most say you to use.This isn't a franchise you don't buy in and follow exact guidelines, while yes you don't need to reinvent the wheel.

I am willing to gamble in my market that houses will be worth more in the future than they are right now (purely speculator investing!).

Each lender has different guidelines.