At the time the company was doing foreclosure cleanouts and Floyd took me under his wing and taught me alot about foreclosures (securing properties, doing repairs to HUD specs, meeting deadlines, etc.), dealing with banks, different general tips and tricks to working with real estate, etc. 

So, I say buy an umbrella insurance policy, run a tight ship, don't intentionally lie or screw people over, and enjoy your 10 (+10 more for your spouse if applicable) conforming resi mortgages.

Always give fair deadlines to respond to your request never leave anything open to lingering.I would open a credit card and use it only to pay all charges related to the issue including hotel room stays, co pays, lawyer fees, and any inspections.

If your budget is tight, then compiling your own list would be a good way to start.

Our job market is pretty tight right now and has room to adjust before it would cause thousands of people to lose their homes.Foreclosures are now 10% of the meagre inventory and foreclosure trends have been dropping for years.    

They will be less to begin and although this property is tight it may actually show $100 or more per month positive cash flow when properly financed.Your age should have no bearing on the term of your mortgage, tenants pay the mortgage and if managed properly you do not want equity lying dead in a property.The actual interest cost/return  on $130,000 at 5% is $541.66/month.

@Jay Hinrichs is right about going for the big wealth of appreciation and starting with a small mulit-family on an FHA to maximize your ability to manage and get cash flow in a tight market.

This is like a 1031 exchange without all the crazy deadlines and loopholes you have to jump through.

You need sellers that are motivated by a pain point or time deadline.   

If you throw in deadlines and expectations on the mix as well as productivity, or cost plus with a maximum price, that is another story; which I do not believe is embedded in that contract.