I quickly realized that, if played correctly, the real estate platform could provide a solid foundation of wealth for many generations to come, while simultaneously producing cash flow today and allowing me to retire early.

Without a local job, NO, but if they can produce a job offer letter, YES.

(I would if they want that as part of their loan package, but I would do my own pro-forma and check the calculator, making adjustment to entries for their calculator to provide similar results, you should always put your own pencil to your financing requests. )Be conservative with income projections, debt coverage ratios are a minimum of 120/125% and may be higher by location, type of project, experience and asset coverage. 

Treat this activity like you would any marketing activity and track the results but we have had great results.

Thanks for the quick response and sharing - that is awesome end result too! 

Work on building good relations with FNMA or other entities and you may just end up being 'that guy' that won a contract (and also under bidding the competition) as a result. 

From tenants, and also from other liabilities - bad business venture that resulting lawsuits, someone got injury by us(knock on wood) etc. 

It's in the hallway leading from the living room to the bathroom and the three rooms, so I suppose the challenges if that's done would be the resulting aesthetics and the noise pollution.

@Basilio Torres:I think you'll discover that most of these type auctions result in the Bank buying back the property and then placing the property for sale with a Real Estate agent or online Auction Web site.

I tried plugging numbers into the BP rental property calculator, but the results (cash on cash return, ROI, etc.) don't come back the same as if I run the numbers myself.