Are you simply assigning the current lease (1 year left) or are you writing an extension for a longer term beyond the one year in addition to the assignment?

Some suggest investing out of state for better cash flow, but that's not an option for me at this time.Recently, I ran into a realtor who suggested mid-term rentals to construction workers as a more profitable investment model.

I plan to use this investment property as a self-managed short term rental (STR) to generate cash flow.

Do you have other things you can recommend in terms of foreclosure properties?

With roofing there is no way to tell how long it will last but you can tell if it's worn out and needs replacement.

Just seems like a long shot.

The returns I've seen as far as cash flow are decent, but what attracted me are the typical long term leases with rent escalations every year.

I have invested as a LP in apartment communities where there is a partnership between a government agency and the ownership group to provide affordable housing in exchange for tax abatements and long-term, low-rate government funding. 

Tacoma has gone further though not as far as seattle with regulations around terms of lease, just cause termination, etc.  

I have noticed, the more business I bring a lender, the more flexibility in guidelines, rate, and terms I get which results in better deals for my clients.