If they didn't pay their property taxes, they probably didn't maintain the house in tip-top shape.The key here is that underlying mortgage.

The good thing is boilers are built like tanks and if you properly maintain them they last 20-30 years

For liftoff, as I say, or for getting your first property, having an already built up emergency fund in place up front is surely essential to maintaining liquidity in the short term until these monthly contributions to a maintenance fund amounts to anything.

While I understand your thought of using all cash to buy a rental property, my own personal preference would be to "go wide" with 4+ newer single family rentals, and then collect rents on all four, using the funds to pay down one mortgage at a time in a concentrated debt snowball. 

I like including a clause about how appliances are included but not maintained...that means if the fridge breaks, its not your problem.

You can do as you like but bottom line it is the tenants that create the asthetics of the community.On a community as small as that I would only do what is necessary to maintain the community and anything that would contribute to higher rents.It sounds like a community that you simply want to skim off any profits you can and leave well enough alone.Simply enforce strict aesthetic rules on the home owners themselves to maintain the value of the community.

After all of that you are still left with a worthles lot to maintain and pay taxes on.

John Cozier I would concentrate on building a wholesale business.

., I believe maintains property records and etc.

Seeing as I won't be there constantly to maintain the property myself I will be needing a good property manager.Does anyone have recommendations for a quality property manager in Philly?