Problem is the rolls of the futures or options will hurt you unless you get timing right. 

@Dave Foster / @Marc Dupuis I work in corporate lending so  I totally get the concept of depreciation for tax purposes, but I didn't know using an FHA loan would preclude us from eventually rolling over those gains into a future investment (that's what you mean by 1031 right?).

Oh yeah, when you get rolling good.....sign up with auction.com and hubzu.

I have mine shot and back rolled.

The grass/weeds are cut about once a month but no trimming/edging leaves grass and weeds growing tall in front of the roll-up doors.

I know some very successful sons, of very successful fathers, that always buy cash because there rent roll is over 1M a month.

Well the rent roll and pro-forma came back and things were looking good and could come up as high as $517,000 up to w/ 80% LTV.  

Rolling it over into your own IRA or other tax advantaged account would be my first choice, depending on how much is in the account

No doubt returns like this are possible but you have to come with some sort of value add element.Finding good rental properties on the MLS, paying around market rates for them and renting them out we are seeing returns in the 6-7% range for unleveraged investments.I agree with the others in this thread that ultimately what one has to do is get the ball rolling and its more important to get the first deal done and in the books, roll the learnings into deal two and repeat and so on.  

I am eager to get the ball rolling but I am slightly nervous to get my feet wet.