I think you will be better served being aggressive in making offers, shopping hard, building relationships with real estate professionals, and in the end tackling a house that you can add value to. 

The assignment assigns the Mortgage to youThe allonge transfers the note to youAs for due diligence :Are the notes Dodd Frank CompliantHow much are you investing relative to the current unpaid balance (UPB0How much are you investing relative to the current Value of the propertyAre there unpaid taxes on the propertyAre there any unpaid liens on the propertyAre the borrowers currentHave the loans been professionally serviced so you know the pay history and the correct UPBDo the borrowers pay on timehow long have the buyers been in the property, do they pay on timeAre taxes and insurance escrowedIs there insurance naming the lender is there a lenders title policy

If it gets down to pocket change range for the local professionals and they aren't touching it, there's a reason why.

You can then offset a passive loss. ( I know it is a complicated topic, please talk to qualified professional) 

This will help local professionals find your post and help you with your search.Best,Abel

Rent of $700/month or higher otherwise buying a toilet or water heater is just to much of annual gross rentOnly deferred maintenance I can hire a top tier property management firm to do (I.e. no structural repairs)In this area you can pretty much sell a rental property in under week at 9% cap rate to gross rents if it meets these criteria, has professional management, no deferred maintenance, and vetted tenants. 

I have a few questions that I would love for other both novice and professional investors to share their experiences 1.

@Tim Kelly @Jay Helms @William Allen   All of those guys are a part of PIG (Professional Investors Guild) or were at one point.

Check with your tax professional.

You may also consider hiring a professional cleaning service and doing some minor cosmetic work such as painting walls off-white.