If you can afford the median home in an area than you can most definitely afford an investment property there. 

I believe you are not aware that the definition of "equity skimming" has been expanded since the great Federal Reserve debacle of 2008.  

So if you define a motivated seller to be someone that is willing to sell their house below market value (which is the ONLY definition of a motivated seller), you will then realize it is very different from:"A motivated seller is someone dealing with a foreclosure, tax lien, inherited a property". right?

RentRedi is definitely not Ready for the real world. 

I can definitely tell you there's still a lot of positive cash flowing and 1% rule deals and you get amazing appreciation.

It's definitely making me a better investor because I'm able to do my books myself now instead of having to hire a bookkeeper.

No, the company itself definitely does not have the cash to buy anyone out.

I most definitely will follow pursuit, thank you for the insight and advice. 

@Bianca Rodrigues  I second Ken's advice above, definitely get an appraisal and inspection if you move forward with the deal.The two existing mortgages make it complicated. 

Definitely all great points!