One of my main concerns is that there is no A/C.

I think its mostly wetlands that can be concerning where I'm at).

Cash flow would be ideal, but for this particular property I’m most concerned with the location being one we’d want to live in (A+, A neighborhood, ability to find renters, needs cosmetic work but still liveable, and at least break even (not counting assumed appreciation).

However, the location really makes me concerned.

There are also liability issues, privacy concerns, and asset protection factors to consider.

I want to know how and what everyone is doing in this realm cause I didn't see this topic in Arizona forums. 

I'm a little concerned about the future when Foster is reduced, but like others have pointed out in other forums, that really helped spur growth in other trendy areas. 

As far as concern over being able to lock in the sale, just ask her to sign a letter of intent or offer to buy an option from her.

The thing that concerns me is the rising interest rates.

This causes a temporary jump in demand simply to "beat the rate".