In general it's a great strategy for individually titled lots and utilities being billed to the renters making this possible.

(If you are not an agent yourself.)Also, utilize real estate websites to locate deals in your target areas.

But the real estate market has improved in most markets over the last 6 years, so banks and mortgage lenders are tending to utilize short sales and allow foreclosures to proceed instead of making concessions on behalf of delinquent homeowners.

A few thoughts: -Make sure your tenant understands that she needs to utilize the police if she feels threatened or feels that she has been assaulted.

I can potentially rent it for $1,000/mo (no utilities included) minus $600 (PITI), which gives me a net monthly income of about $300.

Is this something I could utilize now.

My advice would be listen to the podcast they are a wealth of knowledge and can often be utilized while doing something else (like my actual 9-5).

Tenants pay all their own utilities.

Doing the math on the property with a traditional 20% loan it looks something like this Purchase Price (Max Offer Price) $90,000 Percent Down 20% Down Payment Amount $18,000 Amount Financed $72,000 Interest Rate 4.85%  Closing Cost $3,150.00  Costs of Repairs (Make Ready) $7,000  30  Mortgage Payment $379.94   Rental Income Monthly Annual Unit A $1,050.00  Vacancy Rate 5%  Net Rental Income $997.50  Expenses Monthly Annual Property Management Fees $105.00 $- Leasing Costs $50.00 $  Maintenance Reserve $60.00 $ Utilities $12.00 $-  PropertyTaxes $45.83  $ Insurance $80.00  Total Expenses $352.83  Net Operating Income $644.67 Net Cash Flow $264.73 HELP PLEASE, this looks like one of those properties I would be fool to let pass by.

I'm hoping to utilize one of the current agents who does property management to see if any of those clients want to expand their portfolios.