I believe the rent is under market, so there would be some play there.  

@Kyle J. perhaps I am assuming too much, but as the OP is new to the game and that the property was gifted to him I came to the conclusion that he put the property under a standard HELOC as owner occupied and then moved overseas as an expat. 

I don't know about Raleigh  I do it in Portland Oregon market .I looked at some bigger plats in Charleston area.. and determined I would get killed trying to compete with DR and Lennar.. so we stick to infill where they don't play..In Oregon I have been fortunate..

, but no, as long as you play by the rules, it will not "spark an audit."

Maybe it sounds bad, I don't know, but my goal with investing is not to spend all day "pounding" the phone calling, but rather to develop a steady source of passive income so I can do what I enjoy such as playing golf with buddies on a Wednesday.

Most of the ones you find won't cash flow unless you're doing some kind of value-add play. 

I have one young lady looking to get started wholesaling meeting me this week, who else is game?

You gotta pay to play.

total waste of your time and effort... only way to work on this is if you have significant equity.you wont get the bank to lower their fee's no way..but if you want to fool with it for practice or just because it could be a good learning experience for you  to realize you cant work with these sitautions this late in the game unless your going to stroke a check ..

My game plan would be, over the next 3-4 years, to purchase, 7-8 properties, putting roughly 50k down on each, and financing the remaining balances, 30 year mortgages.