But after working with the family, we purchased it for $42,000 and got to work.We had some unique challenges, like dealing with one of the heirs who wasn’t very cooperative and required a payoff to sign the paperwork we needed for clear title.

Brokerages would fight for purchasing such info.

@Jerry Velezif a property is owned outright with no mortgages, debts or liens on it, then it can (potentially) be purchased on seller financing. 

Purchase price: $415,000 Cash invested: $90,000 MY FIRST RENTAL PROPERTY !!

December is the worst month to try to rent the property.Who determined the rent price?

We recently came upon a small property and are seriously thinking about purchasing our first rental!

The family purchased a lakefront property in a nice area three years ago but then ran into a series of issues, and have abandoned the place because of them.They are hoping the bank allows a short sale (asking for roughly $20,000 under what is owed)Here's what's made them so unhappy:Anytime they used the laundry it was dumping into a dry well, which would back up into the house forcing them to take their laundry to a laundromat instead!!

HI Matt,You don't necessarily need to be a resident to purchase real estate in the US.

Is this for a primary purchase or build to rent/sell?

Was previously purchased with a Builder to erect a SFR residence on.