Great tip JJ Pawlowski ... as long as you are clear with your HML and they are clear with you, budget in all the fees and closing costs, make sure to be ready to come to the table with some skin in the game, and it will be a smooth transaction! 

Dion, my mentor has significant skin in this purchase. 

I feel safer and therefore don't have a problem "actively" managing my house*Buy Out Lease- It prevents the tenant from just "breaking" the lease as they have skin in the game.

Sure you will be giving up some of the deal and its proceeds - perhaps half - but you will have local expertise who have skin in the deal and are motivated for its success.  

You can make a very healthy living specializing on one segment of foreign buyers. 

Pros/ConsRehab Pro- house is next door and I could consider this my personal winter project and do the work myself ( I have ADD and need to a project to work on...)Con- all my personal cash is tied up in other projects...HoldPro- Minimal investment will create decent passive income and healthy ROICon- all my personal cash is tied up in other projects...Wholetail Pro- may generate a decent return on the purchase/sale spreadCon- no winter project or ability to hold for passive incomeWholesalePro- quick cashCon- not many folks buying properties for cash in my area/ may be unable to sell

I personally do it with several of my own properties, as well as properties that I manage for family and friends and we enjoy consistent, healthy returns year after year!!

Now, I hope I'm not out of line, but I'll offer my personal point of view for the sake of healthy debate with @James Wise.

However it is not like a lone steel plant closing in a small town when it comes down to its core economy health. I

Are you looking to get into REI to quit your day job, supplement you income or to create a healthy retirement.