It's not a bad plan, but I wouldn't be the note buyer for $65k on a property just purchased for $40k just because the seller says it's worth $75k.  

I can attest to the quality of @Wendy Patton REIA meetings in Troy.

I much prefer tenants I've placed and rehabs I've done to ensure they're up to my quality standards and you don't suddenly have 11 out of 50 roofs go bad in a year wiping out an entire year of net income.  

For instance, the area at 38th & Post has a bad reputation because of a couple of apartment complexes.

Other considerations are the quality of the land.

I have done it before, and nothing bad happened, but I have heard some bad stories.Set up a bank account to accept rent, and another bank "trust" account to keep the security deposits.

What qualities are more important?

I remember when there wasn't even a Home Depot.A good realtor can do very well, a bad realtor can do very poorly.

Not bad, for a bit of part time work around leads that we would have done nothing with otherwise.No, not for everyone, but very well worth it in our case.

This is due to vacancies created by bad carpet and the need to have the unit unoccupied to make a carpet change.