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I would rather be in charge and selecting my own materials.  

. - I have been very selective in the areas I have considered, only looking within a 20 mile radius of my home in NW Frisco, and only in areas with great schools.  

Ok so I sat down with Excel, Here's what I came up with.Cost broken down yearlyTaxes 600Insurance 588Mortgage 2628Vacancy (10%) 708Repairs (5%) 348Total Cost 4872Yearly Rent 7020Cash flow (Annual Net) 2148Annual Net (Minus Mortgage)  4776 Cap rate 19.9%Cash Flow per month is $179Cash-on-cash can not be calculated because I had no cash investment.Does that all look right.

The secItion 8 lady sounds fine and the income is excellent.  

In NYC there are factors that come into play that do not come into play in most other areas, things that you need to figure out and plan for, but have no spot in any of the "RE Analyzer" programs and excel sheets you will find readily available.

This way, you get the best deal for the money and they also help you to select the right location.2.

I have excellent credit score so I don't want to do anything that will jeopardize it.ThanksChi

Is there any other selections beyond foreclosure or payment of whole mortagage at one time?

I'm not sure I want to bid on this home now, since I really don't want to bid on homes with HOAs, however, it is in a really good neighborhood and would make an excellent rental, so I might go ahead anyway.