Ive had advice from others in the local market including...start out buying 3/2 single family homes in a stable neighborhood....preferably brick, less than 10 years old, 1% rule for renting(Ive heard 2% on one of BP podcasts) ....avoid homes in less desirable rundown areas, avoid multi units...buy north of town( thats where the city is growing) I live in a city of 65,000 with median income of $46,000 and median age 35...

There are pockets of less desirable areas, and the next block is perfectly nice and the homes are in good repair.

I am currently analyzing a deal that situated only 2 blocks from Drexel's Campus (Philadelphia), it's a highly desired location for students.

The people that succeed are the ones that have such a burning desire to do so that nothing will stop them.  

It's not the worst spot to be in but the 3/1 setup wouldn't be near as desirable as a 3/2.

Wood siding and pitched roofs are more desirable and they will bring more money and thus a better clientele will buy them.  

It's always amazed me how I can write a letter which motivates a complete stranger on the other end to take a certain desired action.

In 10 or even 20 years, depending upon the market and your results, you should work on restructuring so that you rid yourself of the least desirable properties and work toward having as many good free and clear properties as possible.

Here are a few details about the property:In the Federal Hill area of Baltimore which is very desirable.2 Bedroom. 1 Bath, however there is plumbing, an old sink, and toilet that is "technically a half bathroom" per the owner.

As a property manager I would desire to disburse the funds to the owner as soon as possible as the funds no longer belong in my trust account.The owner's escrow account may take a bit longer to settle if there are unpaid maintenance bills, management fees, etc.