There may be a price point at which this deal would make sense, my wife and I have done similar scenarios to live-in flips and I think it’s a powerful tactic done right.

I think Dave Ramsey(who I respect but don't worship, lol) would be highly disappointed in me for even thinking about doing this, SMH.

One thing is certain as an investor you don't want you money held up in the court confirmation process for a few months.Your interest is in purchasing the probate property from the Executor/Administrator as long as they claim IAEA powers and filing Notice of Proposed Action.

With extremely low rates and high rents it was possible to just buy a few properties and basically use them as an ATM to fund your life and quit your job.

Things such as drilling a well, installing a septic system, running power to the lot, etc can add up to $100k+.

I’m also weary about what’s going on in the housing market right now with high interest rates housing will go down immensely in prices.

Is it possible the price is too high or the rent is too low?

and unfortunately, with rates and prices high, it has just gotten very, very tough to cash flow on long term rentals.i browsed a few other threads you started and it sounds like you already own your primary residence and are looking to get started in investing. 

At the end of the year we also take a distribution from the funds left in the account.

One of the biggest cons is that 55+ communities often have very high HOA’s that cover a variety of services which makes them usually less profitable than comparable properties that are not 55+.