You have to take into consideration the amount of repairs that will be needed, finding a reputable contractor, and keeping your fingers crossed that the house is not vandalized before you can get a tenant in the home, etc.   

He was renting from this older lady the property with a mobile home on it for many years.

After they make there investment, they don't have to lift a finger, except to sign for there distribution checks. 

She basically has me wrapped around her little finger except when money is involved.

Our move in day I had my cleaning lady there for 6 hours and the smell was still there. 

I heard a story a couple of years ago about a lady who cash out refi'ed $100k out of a free and clear rental around 2004 for personal expenses. 

Kept it recorded and crossed my fingers....6 years later they got their life together and wanted to clear the judgement...lucky me...What I learned after all these years is not keep bad people out of my nice homes.   

@Ryan Enk My market is permit free year round glorious occupancy and hundreds of workers at your finger tips so you can self manage from any distance. 13 million tourists, 12 thousand residents.

Nobody will do a better job than someone in the family, and the money stays in the family.My cleaning lady does the work for free, plus I get to sleep with her.

She still wont sign.. title company now wants an amended order from the judge which was another legal bill. and the title company wanted 90 days to pass to give the lady a chance to appeal.. that all pass's and we finally close Lady never did sign .. and title company just fed exed her proceeds check to her.. we then had to evict her that took another 6 months in Portland.. and after all of that we demo's the house.. but we had 3 lots underneath it and now there are 3 new constructions there..