You'd be surprised to learn that someone living in a rental or apartment, that has a family and is a successful small businessman, has the money and is willing to take that deal.

(or if they're primary buyers, they don't care about yield, since they're going to live there.)i just went to visit two very distressed properties yesterday that i would buy.... if they were priced 50% lower.  

Having a property management company seems to be a good option for me since I am living out of state.

I can speak from experience as a student at Texas A&M, I lived in a 5 br/5 b house and I knew plenty of other students who lived in similar houses or "Ag Shacks" if you will.

Especially me as I do construction for a living. 

I am considering buying a mobile home to place on the land I live on. 

If you go into Central or South Scottsdale (Old Town) $1M will buy you a smaller, older home, OR half of a big, remodeled home (as alot of the Arcadia and Old Town area are turning over old small homes to be big beautiful homes in the $2.5M range and higher).There are options.....for both buying and renting, that would work with your situation.By the way....it's 51 degrees in North Scottsdale right now where I live. 

,I have sold and been managing properties that are near the MIA and haven't had any complaints from residents who are living in them.

It wasn't fun living an hour and a half from work and play, but absolutely worth it.If one is starting with relatively low living expenses, cash flow can be extremely powerful towards reaching financial freedom.

I live outside of Charlotte in a small town called Denver (of the East).