There are, however, what look like some decent deals on the market for sale where I would at the very least be putting my monthly housing expense into building equity into a market that looks to at the very least be relatively stable over the mid-term.A few of the deals I have been noticing involve REOs where there is a condo for sale in a small condo bulding (say 6 units total) but no HOA yet.

They can and are leased out for other uses, braodcast radio and television, public service communications, etc.In the 90s I worked with a guy (advised and financed) who went through the mid-west obtaing long term leases on properties lining up repeater towers and leasing them to Altell (now Verison) and did very well very quickly I might add.

Check with local HVAC guys, they can advise you better than us southerners.I have heat pumps (not ground source) and they work fine down to at least the mid to low 20's.

I'm in my mid 20s and people now think I'm rich.

Scott -- on decent 2 to 4-unit properties in the mid-west, I've been looking for gross annual rent yields of 30% if tenants pay their own gas/electric, and 38% if the landlord is paying for the units' gas heat and/or their electric.

Hard to say, econo job 25 to 30 bucks a foot, moderate 40/50, extensive with mid range amenities, maybe 50/75, upper end, 75/100 and luxury 150+.

If you rent the property for $700 (mid-point of your range), PM should be charging no more than $70.

Just be aware that the rules change - a bank we were using in Indy just last month changed their criteria on us mid-process for an out of state refi we were considering for a take-out investor.

Add to that, I have two very viable options: (1) buy with cash (private lender has agreed to lend me 30k at pretty much dirt cheap terms) a cheap property that will cash flow well OR (2) use homepath financing for mid-level properties.

My properties are clean blue collar priced in the mid-range.