Except that you can't drive a five-plex (although an old Ferrari doesn't throw off cash flow, either).

The major downside to mortgaging to me seems the fact that you don't know what interest rates will do.While that is true, the interest rates seldom get too far ahead of rent (the early 1980s being an exception).  

It is vitally important to your future success and legal practices that you do understand what is legal and what is against the new laws when selling while extending credit to end-users.

Haven't seen interior yet except peering thru windows but estimating about $35,000 to uncover and refinish hardwood floors, replace some windows, paint everything inside, lite kitchen updates, some new appliances, and light bathroom updates...budgeting to replace one boiler immediately.It's up/down 3 bed 1 bath on each floor, would rent for about $1400 per side in as/is condition, but could fetch 1750 per side if updated.  

The exception to that idea are Super Liens like property taxes which automatically take priority.  

There are of course exceptions to the rule and being in a good area will help.

They will help you with clearing exceptions to title in most cases.  

Don't get me wrong, I personally bought a few homes sight unseen, but these were exceptions - I knew the area extremely well, my local broker has done multiple deals with me in the past so I could rely on his assessment, and I already budgeted $xxx to fix random things that could show up in buying a home sight unseen.I invest out of state.

I've been told that your first property is the hardest and for me thats no exception, I want to make sure I do this right the first time.

I am looking at a property on auction.com. it is an "occupied property" I have done the title work and it looks like I will get a clean title with the exception of the occupied status.There is clearly no one living there.